Dealing with unresolved Insolvency Service complaints after the initial response

In this guide:

Steps to make your business more efficient

In this guide:

  • Assess your business plan to improve your business

    The areas of your business that you should assess in order to uncover any problems or potential problems.

    Before you can make any change to your business, you need to identify where the problems are.

    Look at your business plan and accounts. Where does reality not match up to what you anticipated? How long has the issue existed? Is it a temporary problem or something more longstanding?

    Many businesses find it beneficial to use an accountant to work on their business' finances. A professional will be able to give you an insight into where your problems might be coming from.

    Your cashflow is one of the most important aspects of your business. Without enough liquid assets to pay your bills, your business will fail. A cashflow forecast will give you a good idea of how much money you have coming in and out of the business, even to the extent of keeping track on a daily basis. See cashflow forecasts.

    Once you have a good sense of what is happening in your business, you can make plans that put you back in control. You can also adjust your business plan, forecasts and budget and check that your proposals make sense. It may be necessary to reduce the amount you take out of the business until profitability and cashflow improves.

    It is important to keep your business plan and other documents updated, and refer to them frequently, so you can see whether your changes are having a positive effect. If you decide you need financing, any investor will want to see your detailed evidence of plans to improve the business. You cannot expect an investor to commit funds if you do not convince them that your business has a reasonable chance of success.

    For more information see write a business plan: step-by-step.

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  • Tips to improve business cashflow

    What you can do to free up cashflow in order to improve your business.

    If your business is finding it hard to pay its debts, you need to make sure you are collecting all the money that is due to you.

    Have a system to quickly identify when payments become late and always chase them up. You have the right to charge interest on all late payments.

    If you lose control of debts owed to you, then your debt-to-asset ratio will increase, resulting in most of your business assets being financed through debt. Your debt-to-asset ratio is your total liabilities divided by your total assets. If your business has a high debt-to-asset ratio it can be dangerous, especially if creditors start to demand repayment of debt.

    Improving cashflow

    There are lots of ways you can tighten up your cashflow and get your customers to pay on time:

    • Payment terms - you need to agree terms and conditions with your customers that set out items such as credit limits and when you expect to receive payment. Having clarity on these issues makes it obvious when a payment becomes late. For more information, see invoicing and payment terms.
    • Invoices - send out invoices promptly with all information clearly set out, eg amount due, payment due date. If you do not send an invoice, you will not get paid, and if you send an invoice with confusing information you are simply giving your customer an excuse to query and delay.
    • Recovering debts - if you can't get your customer to pay you, there are a number of options available to you. See ensure customers pay you on time.
    • Factoring - when trying to recover unpaid debt you can sell invoices to a third party, in a process called factoring. Another method of getting cash quickly is invoice discounting, which is only open to certain types of businesses. Both of these incur costs, but could be considered as a way to release capital. See factoring and invoice discounting.
    • Credit checks - if you take on new customers to improve sales, make sure you run credit checks. You do not want to add a bad payer to your existing problems. See credit checking your customers and setting credit limits.
    • Cashflow forecast - keep and maintain a cashflow forecast, so you know when money is due to come and go out of your business.

    For more information, see cashflow management.

    Overtrading 

    However tempting it might be to attempt to turn your business around by simply pushing for more sales, you should first assess whether your cashflow can handle a sudden increase in trade.

    If you take on more business than your cashflow or current assets can cope with, you could be at risk of overtrading. Overtrading occurs when you try to fulfil an increase in orders without having the working capital to cover the costs involved - eg overtime, extra stock and supplies - before the money from sales comes in. Overtrading is extremely serious and could cause your business to fail. See avoid the problems of overtrading.

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  • How to respond to changes in your business market

    How to research and understand your marketplace, customers and competitors to improve your business performance.

    Many things can change the market your business operates in, from new competitors and innovations to a general slowdown in the economy. If your business is in trouble, you could benefit from fresh information on your market, customers and potential customers. You might discover your sector has changed and that your lack of response has contributed to your problems.

    Information sources

    There are a number of places where you can get information, some of which are free, including:

    • government reports and statistics
    • local Trade Associations
    • Chambers of Commerce
    • local authorities
    • commercial publishers of market reports

    You could also do your own research, which will allow you to target the issues and markets you are most interested in. For more information, see market research and market reports.

    Once you have some information about the way the market is moving, you can see whether your business could be made more competitive. If demand for your product or service is shrinking, you could consider diversifying into other areas where you have existing skills and technical expertise.

    Customers and competition

    An alternative strategy could be to exploit a currently underserved niche. Do your customers have any needs you could potentially fulfil? Is there anything you do particularly well that you could focus on?

    Your customers are an extremely useful commodity. Take advantage of your existing relationships to see what they think of your business. You should also try to identify your most valuable customers and do more trade with them. Use the Pareto principle (often known as the 80/20 rule) - it suggests that around 80% of your profit is gained from 20% of your customers.

    Changing your pricing strategy is another option. Raising prices will help your profit margin but total sales may fall, so re-emphasising the benefits of your product or service can offset the impact of a rise.

    Cutting prices may seem counterintuitive but could encourage new sales. Be careful, however, not to let quality or service slip at the same time - see price your product or service.

    One reason for your business having financial difficulty could be the entrant of new competitors into your market, or existing competitors expanding or doing something different. Find out as much as you can about what your competitors are doing and plan a response. Do not imitate them - they have already staked out that area of the marketplace - but select ideas that would work for your business and innovate.

    For more information, see understand your competitors.

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  • Steps to make your business more efficient

    How you can get the most out of your staff, processes and resources to reduce costs and improve your business.

    Making your business more efficient will save time and money. This is often taken to mean cutting costs but, while cutbacks can be a part of it, there are other routes you can take.

    1. Business processes

    Are all your business processes as streamlined as they could be? Are there examples of bottlenecks or duplication of effort? Talk to your staff, as the people doing the tasks regularly will probably have ideas for how they can be improved.

    2. Cost-effective staff

    Make sure you're getting the most from your staff. Do they all have the right skills they need to do their jobs? Are they motivated to do their best for your business? If they pick up on the possibility that the business might be failing, productivity may drop and valuable staff might leave. Bring them in on your plans early and ask for their feedback.

    Sometimes you may have no choice but to consider reducing staffing costs, through reducing hours or making redundancies. Remember that making redundancy payments could increase costs in the short term, and may cause the remaining employees to feel insecure.

    3. Reducing overheads

    You can reduce overheads in other areas, like cutting back on advertising or purchases of new equipment. However, be wary of sacrificing long term investment for the sake of short term cost savings. For more information, see avoid insolvency.

    You should also review your assets and consider whether any are surplus to requirements and can be sold to raise cash. This might include unused land or stocks.

    You should consider reducing waste, write-offs and theft of stock. This is an area where most businesses can make significant gains in their gross margin percentage. See create a strategy to reduce business waste.

    Theft can have a negative effect on a retail business' turnover - which could represent a significant potential increase in the gross margin if it is eliminated.

    With those possible gains it is worth considering security measures, for example, mirrors, CCTV, or more staff on duty at peak times. Better stock management can reduce write-offs from having to offer a discount on unsold goods or throwing out perishable stock after its sell by date.

    Occasionally the situation may require more radical solutions, for example, to avoid bankruptcy. If you need to restructure your debts, an Insolvency Practitioner can help you. For more information, see: 

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  • How you can improve your profitability

    How to identify and take advantage of the opportunities within your business to enhance your profit margins.

    There are several options to consider which may improve the profitability of your business, such as increasing trade or re-evaluating individual or entire financial aspects.

    Whatever area you exploit, you will need to know your business inside out to improve performance and maximise the potential for profit. For more information, see strategies to improve sales and profitability.

    How to check and measure profitability

    Apart from ensuring your cashflow is under control, you must also regularly check your profitability.

    The net profit is the amount of money left after paying all your bills. It determines how much money you can safely take out of the business for your living expenses and to pay taxes.

    You will receive an annual set of accounts from your accountant. However this can be up to nine months after the end of the financial year. You need to check profitability much more frequently and more promptly, using monthly or weekly figures.

    A good approximate measure of profitability is the gross margin. The gross margin is the value of sales less the direct cost of sales. So, if sales are £200 and the cost of sales were £120 the gross margin is £80 or 40% on sales. Gross margin is a unique basic comparison of differing businesses.

    Secondly, to calculate the profitability of a business all you have to do is to deduct the business' overheads from the gross margin. So if the gross margin is £1,000 and the overheads are £600 the net profit is £400. Overheads tend to be fixed in the short term so gross margin becomes a good indicator of profitability and can be calculated quite simply.

    For more information, see set up a simple profit and loss account for your business.

    Alternatively, your accountant can help you set a basic measurement of your gross margin on a weekly or monthly basis. They can also help you understand other important ratios in your accounts.

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  • How to close down your business

    What you need to do if your business fails and has to close down or be sold.

    Sometimes, despite all your best efforts, your business may fail. Rather than continuing to fight a losing battle and increasing your losses, it might be better to take a decision to wind up your business before you are forced into insolvency by a creditor.

    You can either close down your business yourself or you can find someone willing to buy it from you - though, as you would be selling a failing business, this option is unlikely and you wouldn't receive much in return.

    For more information, see consider your exit strategy when starting up a business.

    You should write a plan outlining everything you need to do, including closing customer accounts, notifying staff and disposing of assets.

    Tax implications

    Regardless of how your business closes, you may still have to file Company Tax Returns and pay Corporation Tax and Capital Gains Tax.

    If you don't have the expertise in-house, you will need to engage specialist professional advisers to make sure you notify the right people and complete your tax and other financial obligations.

    HM Revenue & Customs provide further information on selling or closing your company and corporation tax.

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After serving a winding-up petition

In this guide:

  • What is compulsory winding up?

    The legal process of compulsory winding-up orders against insolvent companies through the courts.

    In compulsory winding up, a creditor asks the High Court to wind up the affairs of an insolvent limited company. This legal process ends with the company's removal from the Companies House register - effectively ceasing to exist.

    Once the order has been made the High Court appoints the Official Receiver (OR) as liquidator. The Official Receiver works for the Insolvency Service and finds out how and why an individual became bankrupt or a company went into compulsory liquidation.

    The OR interviews the directors and informs the creditors of the liquidation. If the OR believes the company has enough assets for something to be paid to its creditors the OR will seek the appointment of an insolvency practitioner as liquidator - either by calling a creditors' meeting for the creditors to vote for the liquidator or by asking the Department for the Economy (DfE) to appoint one. If there are no assets the OR will remain liquidator.

    Compulsory winding up involves the following:

    • all the company's contracts - including employee contracts - are completed, transferred or ended
    • the company ceases to do business
    • outstanding legal disputes are settled
    • all of the company's assets are sold
    • any money owed to the company is collected
    • any funds are distributed to creditors
    • surplus funds - after the repayment of all debts - and share capital can be distributed to shareholders

    For more information, see insolvency.

    Sources of advice

    If you are a creditor, it can be expensive to request a compulsory winding-up order, so you should get specialist legal and financial advice before petitioning the Court. Other sources of advice include:

    • Citizens Advice Northern Ireland
    • solicitors
    • accountants
    • authorised insolvency practitioners
    • financial advisers
    • debt advice centres

    You will need to instruct a solicitor to handle the winding-up petition. A winding-up petition is heard in the High Court. The High Court may award costs against you if it considers that you have brought the petition inappropriately - eg the company disputes the debt between you.

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  • How do I wind up a company?

    How to petition the High Court or a county court for a winding-up order against a company.

    If you are owed money by a company that cannot or will not pay it back, you can apply to the Court for a winding-up order. As part of your petition, you will need to prove to the Court that the company cannot pay its debts.

    It can be proved that a company cannot pay its debts if:

    • a creditor owed over £750 serves the company with a 'statutory demand' - form 4.01 - which the company does not comply with within three weeks
    • a creditor obtains judgment against the company and execution is unsatisfied (there are not enough assets or funds to clear the debt)
    • the company cannot pay its debts when they are due
    • the company's total debts exceed its total assets

    Obtaining a judgment

    A creditor obtains judgment against the company, it is lodged for enforcement with the Enforcement of Judgments Office and a certificate of unenforceability is issued under Article 19 of the Judgments Enforcement (Northern Ireland) Order 1981.

    You must apply to the court if you want to issue a claim for judgment yourself.

    Presenting your winding-up petition to the High Court

    Winding-up petitions are presented in the Northern Ireland High Court in Belfast.

    To contact the High Court, write to:

    Northern Ireland High Court
    Royal Courts of Justice
    Chichester Street
    Belfast

    Alternatively, you can contact the Northern Ireland Courts and Tribunals Service Enquiry Line on Tel 0300 200 7812.

    Find NI Court Service Court contact details and information.

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  • Completing a winding-up petition

    How to complete a winding-up petition for a compulsory winding-up order against a company.

    To apply for a compulsory winding-up order against a company, you must pay a deposit to the Department for the Economy (DfE) and you must complete a winding-up petition form 4.02 along with an affidavit (form 4.03) verifying matters giving rise to the petition.

    Download winding-up petition form 4.02 (PDF, 97K).

    Download affidavit form 4.03 (PDF, 80K).

    Access DfE guidance on how to wind up a company that owes you money.

    Companies House

    You will need details of the company to complete the petition. You can search for company information using the WebCHeck service at Companies House. See find company information using Companies House services.

    You can also get company details by calling the Companies House Contact Centre on Tel 0303 1234 500. You may, however, have to pay for some of the information you require.

    Grounds for your winding-up petition

    The petition will ask you to give your grounds for applying for a winding-up order, as well as other relevant information:

    • where you have written a letter to the company to ask for your money, you should say what the debt was owed for, the amount you asked for in the letter and the date of the letter
    • if you sent an invoice that was not paid, you should say what the debt was for, the amount you requested, and the date of the invoice
    • if you are giving details of a certificate of unenforceability, you should include the date of the judgment, the High Court information and the case number
    • if you sent a statutory demand for your money, you should give details of the amount you demanded, the date it was served on the registered office, and proof that at least three weeks have passed since it was served

    Your grounds for petitioning should always include a statement that the company has not paid the debt, or an agreed proportion of it. You should also say if the company has been struck off, and give the date.

    European Community Regulation on insolvency proceedings

    In your winding-up petition, you must say whether or not the European Community (EC) Regulation on insolvency proceedings 2000 applies. There are three types of proceedings: 'main', 'secondary' and 'territorial':

    • Main proceedings - can be opened only in a European Union member state where the debtor company has its 'centre of main interests'.
    • Secondary proceedings - can be opened in a member state where the debtor company has an establishment. Secondary proceedings apply only to assets located in that state.
    • Territorial proceedings - can be opened before main proceedings, but only by creditors of a company's establishment in the same country. These proceedings can also be used where main proceedings cannot be opened because the company has its main interests in a country with laws which disallow it.

    Companies House provide information on cross-border insolvency proceedings.

    If the company is registered in Northern Ireland and mainly carries out business in Northern Ireland, the EC Regulation will apply and the proceedings will be main proceedings. In other circumstances you should seek more legal advice.

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  • Steps to serve a winding-up petition

    How to present a winding-up petition to the court and how to serve a winding-up petition on the debtor company.

    When you have completed your winding-up petition you must present it to the Court. You do this by sending these documents:

    • the original winding-up petition
    • three copies of the petition - or four if the company has been dissolved
    • the original affidavit
    • receipt of deposit for £1165 paid to the Department for the Economy (DfE)
    • a Court fee of £186

    You will also be responsible for the costs involved in advertising the petition in the Belfast Gazette, using a process server for the service of a statutory demand and the petition and any costs for instructing a solicitor.

    Download the DfE guidance on how to wind up a company that owes you money (PDF, 44KB).

    If the Court is satisfied with your petition and the other documents, it will seal the petition and all copies, and send copies back to you. These will be marked or endorsed with the date and time they were filed, as well as the date and venue of the Court hearing.

    Serving the petition on the debtor company

    After the High Court has returned the sealed copies of the petition containing the date and time it was filed and the date and venue of the hearing, you must serve it on the company that owes you money. The petition must be served at the company's registered address - as shown on the public Register held by Companies House - either by you or by a process server company.

    To find out more about process servers, see statutory demands.

    You can serve a petition at the debtor company's registered office by handing it to:

    • someone who acknowledges themselves as a director, officer or employee of the company
    • a person authorised to accept service on the company's behalf
    • a person who - in the server's opinion - is a director, officer or other employee of the company

    If you or your agent cannot find a suitable person at the registered offices, the petition can be served by:

    • placing it in a letter box
    • placing it on a table, desk, chair, the floor or a radiator
    • placing it on a receptionist's desk

    After serving the petition

    Immediately after service of the petition, the petitioner must file an affidavit at Court, verifying the service of the petition (Form 4.04/4.05).

    The certificate of service must be sufficient to identify the petition served and must specify:

    • the name and registered number of the company
    • the address of the registered office of the company
    • the name of the petitioner
    • the Court in which the petition was filed and the Court reference number
    • the date of the petition
    • whether the copy served was a sealed copy
    • the date on which service was effected
    • the manner in which service was effected

    If you cannot serve the petition by any of the methods listed above, you will need to apply to the High Court for permission to use another route, eg posting it to a director's last-known address. If you do this, you must attach a sealed copy of the order for substituted service to the certificate of service.

    Where the company has been dissolved, you must serve the extra copy of the petition to the Crown Solicitor for Northern Ireland. This will enable you to apply for it to be restored to the Register.

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  • After serving a winding-up petition

    What to do after you have served a winding-up petition on a debtor company.

    After you have served a winding-up petition on a company that owes you money, you must complete forms to:

    • provide the High Court with evidence that the petition has been served
    • notify specified parties
    • advertise the petition in the Belfast Gazette
    • certify compliance with the winding-up petition procedures

    Providing evidence of service (form 4.04/4.05)

    Immediately after service of the petition, the petitioner must file an affidavit at the High Court, verifying the service of the petition (Form 4.04/4.05). For details of what this must show see steps to serve a winding-up petition.

    Other people you should notify of a winding-up petition being served

    Special arrangements apply if the company to which you have served a winding-up petition is:

    • in voluntary liquidation
    • in administrative receivership
    • subject to an administration order or voluntary arrangement

    If you discover that any of these arrangements are in place, you must send a copy of the petition on the next working day after service to the:

    • liquidator
    • administrative receiver
    • administrator
    • supervisor

    For more information read company liquidation.

    Advertising your petition (form 4.06)

    Your petition must be advertised in the Belfast Gazette, at least seven working days after it was served and not later than seven working days before the winding-up hearing. The Gazette is monitored by banks and other financial institutions, which are obliged to freeze the accounts of companies listed, in case they worsen creditors' positions by disposing of assets before the hearing.

    Find out how to advertise your petition on the Belfast Gazette.

    Certificate of compliance (form 4.07)

    At least five working days before the hearing, you must file a certificate of compliance with the court . This is a declaration that you have followed all the relevant procedures correctly, and must be accompanied by a copy of the full page of the Belfast Gazette containing the advert for your petition.

    List of persons attending hearing

    On the day before the winding-up hearing, you will need to send the Court a list of people who intend to appear. You can do this by completing form 4.10 'List of Persons Intending to Appear on the Hearing of the Petition'.

    Withdrawing your petition

    You can withdraw your petition if the company concerned pays their debt to you, or for another reason. However, once a petition has been issued, the winding-up hearing will still go ahead in the Court.

    Contact the Court staff to find out the procedure for withdrawing your petition.

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  • What happens at a winding-up hearing?

    Information on the court procedures at a winding-up hearing.

    A winding-up hearing takes place if a Court decides to accept a winding-up petition from a creditor. If the Court finds that the company is unable to pay its debts or meet its liabilities, it can order it to go into compulsory liquidation.

    All winding-up hearings take place in the High Court.

    Hearings in the High Court

    Your hearing will take place on the date marked - or endorsed - on the petition and copies returned to you by the Court.

    For more information, see steps to serve a winding-up petition.

    Hearings are presided over by the Master. You can appear in person or instruct a solicitor or barrister. Company creditors can be represented by one of their employees, if they choose, but must get the High Court's permission first.

    The High Court will usually hear a large number of petitions on the same day as yours, and the time it begins may vary. You can confirm the time your hearing will begin by calling the Northern Ireland Courts and Tribunals Service Enquiry Line on Tel 0300 200 7812, the day before it is due to take place.

    On the day, try to arrive at the High Court at least half an hour before the proceedings begin to give yourself time to familiarise yourself with the building's layout. The Court's officials will tell you which room to go to and you should ensure you are there before your slot begins.

    During the hearing, the High Court can then:

    • make a winding-up order if your papers are in order
    • dismiss the petition, eg if the company has paid its debt to you or you have come to an agreement
    • adjourn the hearing if you have not been able to complete the documentation according to the Court's procedures or if you are still in negotiations with the company
    • make an interim order
    • make any other order it thinks fit

    To find out more about the rules for completing your documentation, see completing a winding-up petition.

    After considering the evidence, the High Court will decide whether or not to grant the order, and how costs should be awarded. If the order is granted, the registrar will appoint the Official Receiver to supervise the company's liquidation.

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  • What happens after a winding-up order is made?

    What happens to a company after the court makes a winding-up order against it.

    If the High Court makes an order to wind up a company it means that the company has gone into compulsory liquidation.

    The High court will appoint the Official Receiver (OR) to act as liquidator for the company. The OR's duties are to:

    • forward to the Registrar of Companies a copy of the order
    • ensure that the winding-up order is advertised in the Belfast Gazette
    • advertise the order in any other way if they feel it is appropriate to do so
    • investigate the company's affairs to find out why it failed

    The OR will also report to creditors on the company's assets and liabilities and tell them the likelihood of them being repaid any of their money. The OR also has a duty to investigate the causes of the failure of the company and the conduct of the directors. Where there are assets they may call a meeting of creditors, or ask the Department for Economy to appoint an insolvency practitioner (IP) to sell the assets and pay creditors. 

    Duties of company directors in liquidation proceedings

    During a compulsory liquidation proceeding, the company's directors have the following duties:

    • giving information about the company's affairs to the OR
    • giving information about the company to any IP
    • preserving the company's assets and handing them over to the OR or liquidator

    The OR will interview the directors face to face. They will ask for information about the company's accounts, cashflow, assets and liabilities, and anything else affecting its ability to trade.

    Directors can make a statement of truth about their conduct, which is admissible as evidence. The OR can also take into account statements of truth made by creditors, other company officials or employees, or third parties such as accountants.

    The directors have a duty to ensure that the company's assets have not been disposed of. They must also give the OR or liquidator any management accounts, company books and records, insurance policies and bank statements relating to assets held.

    For more information, see company liquidation.

    Stays, rescissions and appeals

    Even after an order has been made, the winding-up procedure can be stayed or rescinded, or the company can appeal against it. Applications for a permanent or temporary stay can be made by the liquidator, the OR or any creditor. If the High Court grants a permanent stay, the directors will usually regain control of the company.

    The High Court can also rescind, or cancel, an order at the request of the OR, the liquidator or creditors. A rescission can be granted if it can be shown, for example, that the High Court did not have all the relevant facts when it was considering the order. Applications must be made within seven days of the order, unless the High Court gives permission otherwise.

    The High Court's staff will tell you how to apply for a stay or rescission.

    Period of liquidation

    How long it takes to liquidate a company's assets will depend on its size and the complexity of its assets and liabilities. It can take some time for the liquidator to establish the facts concerning these, and to translate them into funds for release to creditors. 

    When the liquidation is complete following a final meeting, the liquidator will give notice to the High Court that winding up is complete and will be released from office. Three months from the date of the notice from the liquidator or OR, the company will be dissolved, unless a request for a deferral has been made. The company is then removed from the public Register at Companies House and ceases to exist.

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  • Support for winding up a company that owes you money

    Sources of information on compulsory winding-up proceedings.

    There are several organisations that can provide detailed information about winding up a company that owes you money.

    The Insolvency Service

    The Insolvency Service is a branch within the Department for the Economy (DfE) that is responsible for insolvency issues in Northern Ireland. This includes investigating the financial affairs of individuals who become bankrupt and failed companies in compulsory liquidation to find out how and why they became insolvent.

    Where there is evidence of misconduct they may take action which can result in bankrupts receiving extended restrictions and directors being disqualified, both for periods of up to 15 years.

    Read DfE's information about the Insolvency Service.

    Institute of Directors

    The Institute of Directors (IoD) is a membership organisation for business leaders. It has 20,000 members, as well as a large international network.

    Read the IoD's factsheet on the duties and responsibilities of directors.

    Companies House

    Companies House is responsible for:

    • incorporating and dissolving limited companies
    • examining and keeping company information delivered under the Companies Act and other legislation
    • making this information available to the public

    Find and update company information by searching the Companies House register.

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How do I wind up a company?

In this guide:

  • What is compulsory winding up?

    The legal process of compulsory winding-up orders against insolvent companies through the courts.

    In compulsory winding up, a creditor asks the High Court to wind up the affairs of an insolvent limited company. This legal process ends with the company's removal from the Companies House register - effectively ceasing to exist.

    Once the order has been made the High Court appoints the Official Receiver (OR) as liquidator. The Official Receiver works for the Insolvency Service and finds out how and why an individual became bankrupt or a company went into compulsory liquidation.

    The OR interviews the directors and informs the creditors of the liquidation. If the OR believes the company has enough assets for something to be paid to its creditors the OR will seek the appointment of an insolvency practitioner as liquidator - either by calling a creditors' meeting for the creditors to vote for the liquidator or by asking the Department for the Economy (DfE) to appoint one. If there are no assets the OR will remain liquidator.

    Compulsory winding up involves the following:

    • all the company's contracts - including employee contracts - are completed, transferred or ended
    • the company ceases to do business
    • outstanding legal disputes are settled
    • all of the company's assets are sold
    • any money owed to the company is collected
    • any funds are distributed to creditors
    • surplus funds - after the repayment of all debts - and share capital can be distributed to shareholders

    For more information, see insolvency.

    Sources of advice

    If you are a creditor, it can be expensive to request a compulsory winding-up order, so you should get specialist legal and financial advice before petitioning the Court. Other sources of advice include:

    • Citizens Advice Northern Ireland
    • solicitors
    • accountants
    • authorised insolvency practitioners
    • financial advisers
    • debt advice centres

    You will need to instruct a solicitor to handle the winding-up petition. A winding-up petition is heard in the High Court. The High Court may award costs against you if it considers that you have brought the petition inappropriately - eg the company disputes the debt between you.

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  • How do I wind up a company?

    How to petition the High Court or a county court for a winding-up order against a company.

    If you are owed money by a company that cannot or will not pay it back, you can apply to the Court for a winding-up order. As part of your petition, you will need to prove to the Court that the company cannot pay its debts.

    It can be proved that a company cannot pay its debts if:

    • a creditor owed over £750 serves the company with a 'statutory demand' - form 4.01 - which the company does not comply with within three weeks
    • a creditor obtains judgment against the company and execution is unsatisfied (there are not enough assets or funds to clear the debt)
    • the company cannot pay its debts when they are due
    • the company's total debts exceed its total assets

    Obtaining a judgment

    A creditor obtains judgment against the company, it is lodged for enforcement with the Enforcement of Judgments Office and a certificate of unenforceability is issued under Article 19 of the Judgments Enforcement (Northern Ireland) Order 1981.

    You must apply to the court if you want to issue a claim for judgment yourself.

    Presenting your winding-up petition to the High Court

    Winding-up petitions are presented in the Northern Ireland High Court in Belfast.

    To contact the High Court, write to:

    Northern Ireland High Court
    Royal Courts of Justice
    Chichester Street
    Belfast

    Alternatively, you can contact the Northern Ireland Courts and Tribunals Service Enquiry Line on Tel 0300 200 7812.

    Find NI Court Service Court contact details and information.

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  • Completing a winding-up petition

    How to complete a winding-up petition for a compulsory winding-up order against a company.

    To apply for a compulsory winding-up order against a company, you must pay a deposit to the Department for the Economy (DfE) and you must complete a winding-up petition form 4.02 along with an affidavit (form 4.03) verifying matters giving rise to the petition.

    Download winding-up petition form 4.02 (PDF, 97K).

    Download affidavit form 4.03 (PDF, 80K).

    Access DfE guidance on how to wind up a company that owes you money.

    Companies House

    You will need details of the company to complete the petition. You can search for company information using the WebCHeck service at Companies House. See find company information using Companies House services.

    You can also get company details by calling the Companies House Contact Centre on Tel 0303 1234 500. You may, however, have to pay for some of the information you require.

    Grounds for your winding-up petition

    The petition will ask you to give your grounds for applying for a winding-up order, as well as other relevant information:

    • where you have written a letter to the company to ask for your money, you should say what the debt was owed for, the amount you asked for in the letter and the date of the letter
    • if you sent an invoice that was not paid, you should say what the debt was for, the amount you requested, and the date of the invoice
    • if you are giving details of a certificate of unenforceability, you should include the date of the judgment, the High Court information and the case number
    • if you sent a statutory demand for your money, you should give details of the amount you demanded, the date it was served on the registered office, and proof that at least three weeks have passed since it was served

    Your grounds for petitioning should always include a statement that the company has not paid the debt, or an agreed proportion of it. You should also say if the company has been struck off, and give the date.

    European Community Regulation on insolvency proceedings

    In your winding-up petition, you must say whether or not the European Community (EC) Regulation on insolvency proceedings 2000 applies. There are three types of proceedings: 'main', 'secondary' and 'territorial':

    • Main proceedings - can be opened only in a European Union member state where the debtor company has its 'centre of main interests'.
    • Secondary proceedings - can be opened in a member state where the debtor company has an establishment. Secondary proceedings apply only to assets located in that state.
    • Territorial proceedings - can be opened before main proceedings, but only by creditors of a company's establishment in the same country. These proceedings can also be used where main proceedings cannot be opened because the company has its main interests in a country with laws which disallow it.

    Companies House provide information on cross-border insolvency proceedings.

    If the company is registered in Northern Ireland and mainly carries out business in Northern Ireland, the EC Regulation will apply and the proceedings will be main proceedings. In other circumstances you should seek more legal advice.

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  • Steps to serve a winding-up petition

    How to present a winding-up petition to the court and how to serve a winding-up petition on the debtor company.

    When you have completed your winding-up petition you must present it to the Court. You do this by sending these documents:

    • the original winding-up petition
    • three copies of the petition - or four if the company has been dissolved
    • the original affidavit
    • receipt of deposit for £1165 paid to the Department for the Economy (DfE)
    • a Court fee of £186

    You will also be responsible for the costs involved in advertising the petition in the Belfast Gazette, using a process server for the service of a statutory demand and the petition and any costs for instructing a solicitor.

    Download the DfE guidance on how to wind up a company that owes you money (PDF, 44KB).

    If the Court is satisfied with your petition and the other documents, it will seal the petition and all copies, and send copies back to you. These will be marked or endorsed with the date and time they were filed, as well as the date and venue of the Court hearing.

    Serving the petition on the debtor company

    After the High Court has returned the sealed copies of the petition containing the date and time it was filed and the date and venue of the hearing, you must serve it on the company that owes you money. The petition must be served at the company's registered address - as shown on the public Register held by Companies House - either by you or by a process server company.

    To find out more about process servers, see statutory demands.

    You can serve a petition at the debtor company's registered office by handing it to:

    • someone who acknowledges themselves as a director, officer or employee of the company
    • a person authorised to accept service on the company's behalf
    • a person who - in the server's opinion - is a director, officer or other employee of the company

    If you or your agent cannot find a suitable person at the registered offices, the petition can be served by:

    • placing it in a letter box
    • placing it on a table, desk, chair, the floor or a radiator
    • placing it on a receptionist's desk

    After serving the petition

    Immediately after service of the petition, the petitioner must file an affidavit at Court, verifying the service of the petition (Form 4.04/4.05).

    The certificate of service must be sufficient to identify the petition served and must specify:

    • the name and registered number of the company
    • the address of the registered office of the company
    • the name of the petitioner
    • the Court in which the petition was filed and the Court reference number
    • the date of the petition
    • whether the copy served was a sealed copy
    • the date on which service was effected
    • the manner in which service was effected

    If you cannot serve the petition by any of the methods listed above, you will need to apply to the High Court for permission to use another route, eg posting it to a director's last-known address. If you do this, you must attach a sealed copy of the order for substituted service to the certificate of service.

    Where the company has been dissolved, you must serve the extra copy of the petition to the Crown Solicitor for Northern Ireland. This will enable you to apply for it to be restored to the Register.

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  • After serving a winding-up petition

    What to do after you have served a winding-up petition on a debtor company.

    After you have served a winding-up petition on a company that owes you money, you must complete forms to:

    • provide the High Court with evidence that the petition has been served
    • notify specified parties
    • advertise the petition in the Belfast Gazette
    • certify compliance with the winding-up petition procedures

    Providing evidence of service (form 4.04/4.05)

    Immediately after service of the petition, the petitioner must file an affidavit at the High Court, verifying the service of the petition (Form 4.04/4.05). For details of what this must show see steps to serve a winding-up petition.

    Other people you should notify of a winding-up petition being served

    Special arrangements apply if the company to which you have served a winding-up petition is:

    • in voluntary liquidation
    • in administrative receivership
    • subject to an administration order or voluntary arrangement

    If you discover that any of these arrangements are in place, you must send a copy of the petition on the next working day after service to the:

    • liquidator
    • administrative receiver
    • administrator
    • supervisor

    For more information read company liquidation.

    Advertising your petition (form 4.06)

    Your petition must be advertised in the Belfast Gazette, at least seven working days after it was served and not later than seven working days before the winding-up hearing. The Gazette is monitored by banks and other financial institutions, which are obliged to freeze the accounts of companies listed, in case they worsen creditors' positions by disposing of assets before the hearing.

    Find out how to advertise your petition on the Belfast Gazette.

    Certificate of compliance (form 4.07)

    At least five working days before the hearing, you must file a certificate of compliance with the court . This is a declaration that you have followed all the relevant procedures correctly, and must be accompanied by a copy of the full page of the Belfast Gazette containing the advert for your petition.

    List of persons attending hearing

    On the day before the winding-up hearing, you will need to send the Court a list of people who intend to appear. You can do this by completing form 4.10 'List of Persons Intending to Appear on the Hearing of the Petition'.

    Withdrawing your petition

    You can withdraw your petition if the company concerned pays their debt to you, or for another reason. However, once a petition has been issued, the winding-up hearing will still go ahead in the Court.

    Contact the Court staff to find out the procedure for withdrawing your petition.

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  • What happens at a winding-up hearing?

    Information on the court procedures at a winding-up hearing.

    A winding-up hearing takes place if a Court decides to accept a winding-up petition from a creditor. If the Court finds that the company is unable to pay its debts or meet its liabilities, it can order it to go into compulsory liquidation.

    All winding-up hearings take place in the High Court.

    Hearings in the High Court

    Your hearing will take place on the date marked - or endorsed - on the petition and copies returned to you by the Court.

    For more information, see steps to serve a winding-up petition.

    Hearings are presided over by the Master. You can appear in person or instruct a solicitor or barrister. Company creditors can be represented by one of their employees, if they choose, but must get the High Court's permission first.

    The High Court will usually hear a large number of petitions on the same day as yours, and the time it begins may vary. You can confirm the time your hearing will begin by calling the Northern Ireland Courts and Tribunals Service Enquiry Line on Tel 0300 200 7812, the day before it is due to take place.

    On the day, try to arrive at the High Court at least half an hour before the proceedings begin to give yourself time to familiarise yourself with the building's layout. The Court's officials will tell you which room to go to and you should ensure you are there before your slot begins.

    During the hearing, the High Court can then:

    • make a winding-up order if your papers are in order
    • dismiss the petition, eg if the company has paid its debt to you or you have come to an agreement
    • adjourn the hearing if you have not been able to complete the documentation according to the Court's procedures or if you are still in negotiations with the company
    • make an interim order
    • make any other order it thinks fit

    To find out more about the rules for completing your documentation, see completing a winding-up petition.

    After considering the evidence, the High Court will decide whether or not to grant the order, and how costs should be awarded. If the order is granted, the registrar will appoint the Official Receiver to supervise the company's liquidation.

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  • What happens after a winding-up order is made?

    What happens to a company after the court makes a winding-up order against it.

    If the High Court makes an order to wind up a company it means that the company has gone into compulsory liquidation.

    The High court will appoint the Official Receiver (OR) to act as liquidator for the company. The OR's duties are to:

    • forward to the Registrar of Companies a copy of the order
    • ensure that the winding-up order is advertised in the Belfast Gazette
    • advertise the order in any other way if they feel it is appropriate to do so
    • investigate the company's affairs to find out why it failed

    The OR will also report to creditors on the company's assets and liabilities and tell them the likelihood of them being repaid any of their money. The OR also has a duty to investigate the causes of the failure of the company and the conduct of the directors. Where there are assets they may call a meeting of creditors, or ask the Department for Economy to appoint an insolvency practitioner (IP) to sell the assets and pay creditors. 

    Duties of company directors in liquidation proceedings

    During a compulsory liquidation proceeding, the company's directors have the following duties:

    • giving information about the company's affairs to the OR
    • giving information about the company to any IP
    • preserving the company's assets and handing them over to the OR or liquidator

    The OR will interview the directors face to face. They will ask for information about the company's accounts, cashflow, assets and liabilities, and anything else affecting its ability to trade.

    Directors can make a statement of truth about their conduct, which is admissible as evidence. The OR can also take into account statements of truth made by creditors, other company officials or employees, or third parties such as accountants.

    The directors have a duty to ensure that the company's assets have not been disposed of. They must also give the OR or liquidator any management accounts, company books and records, insurance policies and bank statements relating to assets held.

    For more information, see company liquidation.

    Stays, rescissions and appeals

    Even after an order has been made, the winding-up procedure can be stayed or rescinded, or the company can appeal against it. Applications for a permanent or temporary stay can be made by the liquidator, the OR or any creditor. If the High Court grants a permanent stay, the directors will usually regain control of the company.

    The High Court can also rescind, or cancel, an order at the request of the OR, the liquidator or creditors. A rescission can be granted if it can be shown, for example, that the High Court did not have all the relevant facts when it was considering the order. Applications must be made within seven days of the order, unless the High Court gives permission otherwise.

    The High Court's staff will tell you how to apply for a stay or rescission.

    Period of liquidation

    How long it takes to liquidate a company's assets will depend on its size and the complexity of its assets and liabilities. It can take some time for the liquidator to establish the facts concerning these, and to translate them into funds for release to creditors. 

    When the liquidation is complete following a final meeting, the liquidator will give notice to the High Court that winding up is complete and will be released from office. Three months from the date of the notice from the liquidator or OR, the company will be dissolved, unless a request for a deferral has been made. The company is then removed from the public Register at Companies House and ceases to exist.

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  • Support for winding up a company that owes you money

    Sources of information on compulsory winding-up proceedings.

    There are several organisations that can provide detailed information about winding up a company that owes you money.

    The Insolvency Service

    The Insolvency Service is a branch within the Department for the Economy (DfE) that is responsible for insolvency issues in Northern Ireland. This includes investigating the financial affairs of individuals who become bankrupt and failed companies in compulsory liquidation to find out how and why they became insolvent.

    Where there is evidence of misconduct they may take action which can result in bankrupts receiving extended restrictions and directors being disqualified, both for periods of up to 15 years.

    Read DfE's information about the Insolvency Service.

    Institute of Directors

    The Institute of Directors (IoD) is a membership organisation for business leaders. It has 20,000 members, as well as a large international network.

    Read the IoD's factsheet on the duties and responsibilities of directors.

    Companies House

    Companies House is responsible for:

    • incorporating and dissolving limited companies
    • examining and keeping company information delivered under the Companies Act and other legislation
    • making this information available to the public

    Find and update company information by searching the Companies House register.

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Making a bankruptcy or company liquidation claim

In this guide:

  • Who deals with bankruptcy and company liquidation claims?

    The role of the official receiver, insolvency practitioner, trustee and liquidator, and relevant costs and fees.

    The early stages of a bankruptcy or compulsory liquidation are usually handled by the official receiver (OR). If there are significant assets, an insolvency practitioner (IP) may be appointed as trustee/liquidator in place of the OR.

    The OR is a civil servant at the Insolvency Service and an officer of the High Court. The Insolvency Service is responsible for dealing with financial failure and misconduct through the OR. As well as administering cases, the OR has a duty to investigate the affairs of individuals in bankruptcy and companies in compulsory liquidation.

    IPs are licensed insolvency specialists who work in the private sector - usually as accountants or solicitors. By law, they must be authorised to act as IPs. They handle all other insolvency procedures except fast-track voluntary arrangements and debt relief orders. To find out more see individual voluntary arrangements, administration orders and debt relief orders.

    Both the OR and IPs are legally required to report unfit conduct to the Directors Disqualification Unit of The Insolvency Service. They will then decide whether or not to begin court proceedings to disqualify the director or extend the restrictions on a bankrupt.

    The trustee in bankruptcy is the OR/IP who takes control of the assets. The trustee's main duties are to sell these assets and share out the money among the creditors.

    The liquidator is the OR/IP appointed to administer the liquidation of a company or partnership.

    Trustee or liquidator payment

    Payment - known as remuneration - the OR acting as trustee/liquidator is specified under insolvency law.

    If an IP is acting as trustee/liquidator, the remuneration can be fixed as a percentage of the value of the assets realised - sold - and distributed, or on a time basis. If creditors don't agree a remuneration, the IP gets the same amount that would have been paid to the OR - unless the IP applies to court and arranges a higher amount.

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  • Ensuring you are registered as a creditor

    How to find contact details for the official receiver or insolvency practitioner dealing with your debtor's case.

    If the official receiver (OR) or insolvency practitioner (IP) dealing with the case of someone who owes you money knows that you are a creditor, you should be contacted automatically. All known creditors are notified of the initial bankruptcy or winding-up order.

    If you believe a company or individual that owes you money may be subject to insolvency proceedings, and you haven't been notified, you should write to the OR/IP dealing with it. You should give the full name of the company or individual, as well as your own details.

    Any information you can provide about the assets of the company or individual - or about the conduct of the director(s) or individual - would also be useful.

    There are various ways of finding out who is dealing with the case:

    If a partnership is involved, bankruptcy orders may have been made against individual partners - details of which would be on the register maintained by the High Court.

    Don't expect frequent updates from the OR/IP. After your claim is filed, you will be sent a report to creditors - which will give you information about the assets and liabilities of the company or individual, and the circumstances of the insolvency.

    It can take weeks, months or even years to realise - sell - assets. If you are concerned, contact the OR/IP handling the case. Remember to notify the OR/IP if you change your address.

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  • Order of priority for repayment of creditors

    The strict order of priority in which creditors are repaid.

    Secured creditors are the first to get paid when a debtor's assets are realised - sold or disposed of to raise money. For example, a creditor who holds a fixed charge - a security interest taken to protect against non-payment of debt - or security on an asset such as a mortgage has the right to sell the asset to recover their debt. Any surplus money is then handed over to the trustee/liquidator.

    After the secured debts have been repaid, the trustee/liquidator distributes the remaining proceeds to pay the following - in strict order of priority:

    • Liquidation/bankruptcy fees and charges - this does not include court fees.
    • Debts due to preferential creditors - those entitled to certain payments in priority over other unsecured creditors - including wages owed in the four months before the date of the insolvency order, as well as all holiday pay and contributions to occupational pension schemes.
    • In company cases, any creditor holding a floating charge over an asset, such as a debenture. This is where a class of goods or assets - eg the debtor's stock - are named as security for a debt.
    • All unsecured creditors.
    • Any interest payable on debts.
    • The shareholders in company cases.

    If full repayment of unsecured claims isn't possible, the money available is divided between creditors in proportion to the value of each claim.

    How much you are paid will depend on the amount of money that can be realised and the number of claims. If there are few assets, you may not get anything.

    If you wish to see a full list of creditors showing how much each is owed, you can ask the official receiver (OR)/insolvency practitioner (IP) for this. The OR/IP is allowed to charge a fee for this service. Alternatively, you have a right to view the court file - unless the court directs otherwise.

    If a statement of affairs has been submitted, the OR/IP will direct you to the court file. A statement of affairs is a document completed by a bankrupt, company officer, or director(s) stating the assets and giving details of all debts and creditors.

    When paying a dividend, the OR/IP can reject the whole or part of a creditor's claim but must give reasons for doing so in writing. If you are dissatisfied with the decision on your claim, you can apply to the court in which the bankruptcy or winding-up order was made for it to be reversed or varied.

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  • Making a bankruptcy or company liquidation claim

    Submitting a proof of debt form for your claim.

    If you have been contacted by the official receiver (OR) or insolvency practitioner (IP) who is acting as the trustee/liquidator, then they already have a note of your claim. If you contacted the OR/IP, your details will have been added to the list of creditors.

    You will be sent a proof of debt form to complete and return if the OR/IP intends to make a payment to creditors or hold a meeting of creditors. The information you provide helps the OR/IP confirm that you are a genuine creditor and the amount you are owed.

    Access the Department for the Economy (DfE) insolvency forms.

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  • Creditors' meetings and creditors'/liquidation committees

    Procedures for calling a meeting of creditors and for appointing a creditors' committee or liquidation committee.

    The official receiver (OR) usually decides to hold a first meeting of creditors if there are significant assets to be realised - ie sold. This is so creditors can vote to appoint an insolvency practitioner (IP) as trustee or liquidator.

    If the OR doesn't believe the assets available are enough to attract an IP, the OR will send notice to all creditors that no first meeting is to be held and that they will be the trustee/liquidator.

    The OR must hold a first meeting if it's requested, in writing, by enough creditors to account for at least 25% of the value of debt owed. Creditors requesting a meeting have to lodge a deposit to cover any costs of that meeting.

    Further meetings of creditors - called general meetings - are sometimes held, if:

    • requested by enough creditors to account for at least 25% of the value of debt owed
    • the trustee/liquidator wants to find out the creditors' wishes in any matter relating to the insolvency proceedings

    Where an IP is trustee/liquidator, a final meeting of creditors will eventually be called - see completion of bankruptcy and company liquidation cases.

    Appointing a creditors'/liquidation committee

    Where an IP is appointed, a creditors/liquidation committee can also be appointed to supervise the trustee/liquidator on behalf of the creditors. In liquidations - it's called a liquidation committee, in bankruptcies - it's called a creditors' committee.

    The committee consists of between three and five elected creditors. You have a right to nominate yourself or any other creditor to be a committee member, and you can vote for yourself. The elected creditor can act personally, or appoint a representative.

    If certain actions are proposed by the trustee/liquidator, they need to be approved by the creditors'/liquidation committee.

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  • Conduct and voting at creditors' meetings

    What happens at a first meeting of creditors, how an insolvency practitioner is appointed and the rules on voting.

    At a first meeting of creditors, the chair - usually the official receiver (OR) will check that everyone present is allowed to be at the meeting, explain its purpose and give details about the insolvent's assets. The meeting then votes on the appointment of an insolvency practitioner (IP) as trustee or liquidator.

    You can normally only vote at a meeting if you returned your proof of debt form to the OR within the time limit specified. For more information on proof of debt forms, see making a claim and the order of repayment.

    If you won't be attending the meeting and would like someone to vote on your behalf, you must submit a proxy form. You will find the proxy form supplied with the OR's notice that the creditors' meeting has been called.

    Voting at a meeting of creditors is by value. This means certain voters may have more than one or a greater proportion of the vote - dependent on the amount of money they are owed. The chair will calculate this after checking the proofs of debt and proxy forms that have been submitted.

    For an IP to be appointed by the meeting of creditors, the vote must be supported by a majority in value - relating to the total debt owed.

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  • Completion of bankruptcy and company liquidation cases

    How the official receiver or insolvency practitioner is released from the case and your right to object.

    If the official receiver (OR) is dealing with the insolvency case for which you are a creditor, they will inform you when they have completed the insolvency. You will also be sent a summary of the OR's receipts and payments as trustee/liquidator.

    As a creditor, you can object to the OR's release. Generally, the OR's release can only be withheld if they have failed to realise - sell - assets that were available to be realised, or have misapplied the proceeds of any assets realised.

    If an insolvency practitioner (IP) is dealing with the case, you will be invited to the final meeting of creditors. At this meeting, the IP will report on how they have handled the case and give a summary of the receipts and payments. The creditors may question the liquidator about what is in the report and have the option of either granting or refusing the release of the IP.

    What legal action can I take against the bankrupt, company or the trustee/liquidator?

    After the date of the court order, unsecured creditors cannot take any action against the bankrupt or company without the court's consent. You must submit your claim to the trustee/liquidator. You can apply to the court if you are dissatisfied with the actions of the OR/IP. Before you apply to the court you may wish to take legal advice.

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What happens to company assets when a company is dissolved

In this guide:

  • Bona vacantia assets

    What happens to a company's assets when it is dissolved.

    When a company is dissolved, its assets - but not its liabilities - pass to the control of the Crown (under Section 1012 of the Companies Act 2006) as ownerless goods or 'bona vacantia'.

    If the dissolved company's last registered office was in Northern Ireland, and the asset is situated in Northern Ireland, these matters are dealt with by the Crown Solicitor's Office. For more information, see how to contact the Crown Solicitor's Office for Northern Ireland.

    The Crown is not obliged to deal with bona vacantia in any particular way. Normally an asset will either be sold for full market value or disclaimed. Should the Crown sell property, then the proceeds of sale are transferred to the exchequer to be dealt with in the same way as money raised by general taxation.  If the Crown disclaims onerous property then it gives up its right to the asset.

    The Crown Solicitor's role in bona vacantia matters

    The Crown Solicitor is responsible for disposing of any assets that were held by a company at the date of its dissolution, and collecting any revenues due to that company. This includes:

    • cash balances
    • freehold and leasehold property
    • intellectual property
    • shares
    • copyrights/trademarks

    For more information, see what happens to company assets when a company is dissolved.

    The Crown Solicitor does not take over the management of a dissolved company and is not responsible for the company's debts or any other liabilities the company may have had. The Crown Solicitor will not usually take possession of, or manage or insure, bona vacantia assets.

    When selling any property that has fallen as bona vacantia to the Crown, the Crown Solicitor will always aim to get the best price reasonably obtainable.

    Beneficial interest

    Only assets that were 'beneficially' owned by a company - ie not held in trust by the company for the benefit of another person - at the time it was dissolved pass to the Crown as bona vacantia. If you believe that a company was holding assets in trust for you, you should take independent legal advice on the matter from a solicitor.

    The Law Society of Northern Ireland provides a directory of NI solicitors.

    Help
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    Source URL

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  • What happens to company assets when a company is dissolved

    What happens to a company and its assets after it has been dissolved, including property, shares and cash.

    A company is dissolved when its existence is terminated either by its name being struck off the Companies Register, or by being wound up by the appointment of a liquidator and dissolved.

    Bona vacantia assets

    Before a company is dissolved, its members should ensure that any assets owned by the company are dealt with and transferred out of the company's ownership. If this is not done, all remaining assets, but not the liabilities, at the date of dissolution will pass into the ownership of the Crown as ownerless property or 'bona vacantia'.

    Disclaiming assets

    The Treasury Solicitor via the Crown Solicitor has the power to disclaim, ie give up the rights to, the assets of a dissolved company. As a matter of policy, the Treasury Solicitor will disclaim onerous property, such as:

    • commercial leases at a market rent
    • any land used in common - eg private roads, amenity land, or common parts of an estate or flats
    • contaminated property or property in a dangerous state and condition
    • property subject to negative equity
    • property which is of limited value (under £1000), or unmarketable, or where it would not be cost effective to attempt a sale

    Referring a dissolved company asset to the Crown Solicitor

    If you have been directly or indirectly affected by the dissolution of a company, you may need to refer a dissolved company asset to the Crown Solicitor's Office. This could include if you:

    • are a lessee whose freehold was owned by the dissolved company
    • wish to purchase land owned by the dissolved company, or any other assets, such as shares, trademarks or copyrights
    • are adversely affected by land owned by the dissolved company
    • have a mortgage or charge on your property in favour of the dissolved company
    • are a shareholder trying to retrieve monies held by the dissolved company

    See how to contact the Crown Solicitor for Northern Ireland.

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    Crown Solicitor's Office
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    /content/what-happens-company-assets-when-company-dissolved

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  • Payments to former shareholders/liquidators of dissolved companies

    How the Crown Solicitor makes discretionary payments to former shareholders/liquidators of a dissolved company.

    The applicable procedure depends upon whether a dissolved company can or cannot be restored to the Register at Companies House. If a dissolved company can be restored to the Register, the Crown Solicitor as nominee and with the approval of the Treasury Solicitor may make a discretionary payment from its assets to the former shareholders, liquidators, administrators or company voluntary arrangement (CVA) supervisors.

    Discretionary payments

    Discretionary payments are paid from cash balances received from banks and other financial institutions and other assets. Discretionary payments are not normally made where administrative restoration is possible under the Companies Act 2006. If you want to administratively restore a dissolved company that owned any assets or rights at the time of its dissolution, you will need a waiver letter from the Crown Solicitor's Office.

    If former shareholders, liquidators, administrators or CVA supervisors wish to apply for a discretionary payment, they will have to meet the Crown Solicitor's requirements.

    The maximum amount for a discretionary payment for a company that can be restored to the register is limited to £3,000. However, this limit does not apply to companies which cannot legally be restored. If a dissolved company cannot be restored to the Register a discretionary payment may be made, but normally only to relieve hardship or if it would be unreasonable for the Crown to keep the asset, or where there is a compelling public interest in making any payment.  

    Debts and liabilities

    The Crown Solicitor is unable to make discretionary payments to creditors. The Crown Solicitor does not take responsibility for managing a dissolved company and so is not responsible for the company's debts or any other liabilities the company may have had.

    If you are a creditor of a dissolved company of which the Crown Solicitor's Office holds the assets, you can only pursue your claim by having the company restored (provided this is within six years from the date of dissolution).  

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  • How to contact the Crown Solicitor's Office for Northern Ireland

    How to contact the Crown Solicitor for Northern Ireland.

    If you have any questions about what happens to a dissolved company's assets, or any aspect of bona vacantia, the Crown Solicitor's Office should be able to help.

    You can write to the Crown Solicitor at the following address:

    Crown Solicitor's Office
    Royal Courts of Justice
    Chichester Street
    Belfast
    BT1 3JE

    Alternatively, you can contact the Crown Solicitor's Office on Tel 028 9054 2555.

    Help
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Payments to former shareholders/liquidators of dissolved companies

In this guide:

  • Bona vacantia assets

    What happens to a company's assets when it is dissolved.

    When a company is dissolved, its assets - but not its liabilities - pass to the control of the Crown (under Section 1012 of the Companies Act 2006) as ownerless goods or 'bona vacantia'.

    If the dissolved company's last registered office was in Northern Ireland, and the asset is situated in Northern Ireland, these matters are dealt with by the Crown Solicitor's Office. For more information, see how to contact the Crown Solicitor's Office for Northern Ireland.

    The Crown is not obliged to deal with bona vacantia in any particular way. Normally an asset will either be sold for full market value or disclaimed. Should the Crown sell property, then the proceeds of sale are transferred to the exchequer to be dealt with in the same way as money raised by general taxation.  If the Crown disclaims onerous property then it gives up its right to the asset.

    The Crown Solicitor's role in bona vacantia matters

    The Crown Solicitor is responsible for disposing of any assets that were held by a company at the date of its dissolution, and collecting any revenues due to that company. This includes:

    • cash balances
    • freehold and leasehold property
    • intellectual property
    • shares
    • copyrights/trademarks

    For more information, see what happens to company assets when a company is dissolved.

    The Crown Solicitor does not take over the management of a dissolved company and is not responsible for the company's debts or any other liabilities the company may have had. The Crown Solicitor will not usually take possession of, or manage or insure, bona vacantia assets.

    When selling any property that has fallen as bona vacantia to the Crown, the Crown Solicitor will always aim to get the best price reasonably obtainable.

    Beneficial interest

    Only assets that were 'beneficially' owned by a company - ie not held in trust by the company for the benefit of another person - at the time it was dissolved pass to the Crown as bona vacantia. If you believe that a company was holding assets in trust for you, you should take independent legal advice on the matter from a solicitor.

    The Law Society of Northern Ireland provides a directory of NI solicitors.

    Help
    Crown Solicitor's Office
    Content category
    Finance

    Source URL

    /content/bona-vacantia-assets

    Links

  • What happens to company assets when a company is dissolved

    What happens to a company and its assets after it has been dissolved, including property, shares and cash.

    A company is dissolved when its existence is terminated either by its name being struck off the Companies Register, or by being wound up by the appointment of a liquidator and dissolved.

    Bona vacantia assets

    Before a company is dissolved, its members should ensure that any assets owned by the company are dealt with and transferred out of the company's ownership. If this is not done, all remaining assets, but not the liabilities, at the date of dissolution will pass into the ownership of the Crown as ownerless property or 'bona vacantia'.

    Disclaiming assets

    The Treasury Solicitor via the Crown Solicitor has the power to disclaim, ie give up the rights to, the assets of a dissolved company. As a matter of policy, the Treasury Solicitor will disclaim onerous property, such as:

    • commercial leases at a market rent
    • any land used in common - eg private roads, amenity land, or common parts of an estate or flats
    • contaminated property or property in a dangerous state and condition
    • property subject to negative equity
    • property which is of limited value (under £1000), or unmarketable, or where it would not be cost effective to attempt a sale

    Referring a dissolved company asset to the Crown Solicitor

    If you have been directly or indirectly affected by the dissolution of a company, you may need to refer a dissolved company asset to the Crown Solicitor's Office. This could include if you:

    • are a lessee whose freehold was owned by the dissolved company
    • wish to purchase land owned by the dissolved company, or any other assets, such as shares, trademarks or copyrights
    • are adversely affected by land owned by the dissolved company
    • have a mortgage or charge on your property in favour of the dissolved company
    • are a shareholder trying to retrieve monies held by the dissolved company

    See how to contact the Crown Solicitor for Northern Ireland.

    Help
    Crown Solicitor's Office
    Actions
    Law Society of NI solicitors' directory
    Content category
    Finance

    Source URL

    /content/what-happens-company-assets-when-company-dissolved

    Links

  • Payments to former shareholders/liquidators of dissolved companies

    How the Crown Solicitor makes discretionary payments to former shareholders/liquidators of a dissolved company.

    The applicable procedure depends upon whether a dissolved company can or cannot be restored to the Register at Companies House. If a dissolved company can be restored to the Register, the Crown Solicitor as nominee and with the approval of the Treasury Solicitor may make a discretionary payment from its assets to the former shareholders, liquidators, administrators or company voluntary arrangement (CVA) supervisors.

    Discretionary payments

    Discretionary payments are paid from cash balances received from banks and other financial institutions and other assets. Discretionary payments are not normally made where administrative restoration is possible under the Companies Act 2006. If you want to administratively restore a dissolved company that owned any assets or rights at the time of its dissolution, you will need a waiver letter from the Crown Solicitor's Office.

    If former shareholders, liquidators, administrators or CVA supervisors wish to apply for a discretionary payment, they will have to meet the Crown Solicitor's requirements.

    The maximum amount for a discretionary payment for a company that can be restored to the register is limited to £3,000. However, this limit does not apply to companies which cannot legally be restored. If a dissolved company cannot be restored to the Register a discretionary payment may be made, but normally only to relieve hardship or if it would be unreasonable for the Crown to keep the asset, or where there is a compelling public interest in making any payment.  

    Debts and liabilities

    The Crown Solicitor is unable to make discretionary payments to creditors. The Crown Solicitor does not take responsibility for managing a dissolved company and so is not responsible for the company's debts or any other liabilities the company may have had.

    If you are a creditor of a dissolved company of which the Crown Solicitor's Office holds the assets, you can only pursue your claim by having the company restored (provided this is within six years from the date of dissolution).  

    Help
    Crown Solicitor's Office
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    Source URL

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  • How to contact the Crown Solicitor's Office for Northern Ireland

    How to contact the Crown Solicitor for Northern Ireland.

    If you have any questions about what happens to a dissolved company's assets, or any aspect of bona vacantia, the Crown Solicitor's Office should be able to help.

    You can write to the Crown Solicitor at the following address:

    Crown Solicitor's Office
    Royal Courts of Justice
    Chichester Street
    Belfast
    BT1 3JE

    Alternatively, you can contact the Crown Solicitor's Office on Tel 028 9054 2555.

    Help
    Crown Solicitor's Office
    Actions
    Contact details for Crown Solicitor's Office
    Content category
    Finance

    Source URL

    /content/how-contact-crown-solicitors-office-northern-ireland

    Links

Bona vacantia assets

In this guide:

  • Bona vacantia assets

    What happens to a company's assets when it is dissolved.

    When a company is dissolved, its assets - but not its liabilities - pass to the control of the Crown (under Section 1012 of the Companies Act 2006) as ownerless goods or 'bona vacantia'.

    If the dissolved company's last registered office was in Northern Ireland, and the asset is situated in Northern Ireland, these matters are dealt with by the Crown Solicitor's Office. For more information, see how to contact the Crown Solicitor's Office for Northern Ireland.

    The Crown is not obliged to deal with bona vacantia in any particular way. Normally an asset will either be sold for full market value or disclaimed. Should the Crown sell property, then the proceeds of sale are transferred to the exchequer to be dealt with in the same way as money raised by general taxation.  If the Crown disclaims onerous property then it gives up its right to the asset.

    The Crown Solicitor's role in bona vacantia matters

    The Crown Solicitor is responsible for disposing of any assets that were held by a company at the date of its dissolution, and collecting any revenues due to that company. This includes:

    • cash balances
    • freehold and leasehold property
    • intellectual property
    • shares
    • copyrights/trademarks

    For more information, see what happens to company assets when a company is dissolved.

    The Crown Solicitor does not take over the management of a dissolved company and is not responsible for the company's debts or any other liabilities the company may have had. The Crown Solicitor will not usually take possession of, or manage or insure, bona vacantia assets.

    When selling any property that has fallen as bona vacantia to the Crown, the Crown Solicitor will always aim to get the best price reasonably obtainable.

    Beneficial interest

    Only assets that were 'beneficially' owned by a company - ie not held in trust by the company for the benefit of another person - at the time it was dissolved pass to the Crown as bona vacantia. If you believe that a company was holding assets in trust for you, you should take independent legal advice on the matter from a solicitor.

    The Law Society of Northern Ireland provides a directory of NI solicitors.

    Help
    Crown Solicitor's Office
    Content category
    Finance

    Source URL

    /content/bona-vacantia-assets

    Links

  • What happens to company assets when a company is dissolved

    What happens to a company and its assets after it has been dissolved, including property, shares and cash.

    A company is dissolved when its existence is terminated either by its name being struck off the Companies Register, or by being wound up by the appointment of a liquidator and dissolved.

    Bona vacantia assets

    Before a company is dissolved, its members should ensure that any assets owned by the company are dealt with and transferred out of the company's ownership. If this is not done, all remaining assets, but not the liabilities, at the date of dissolution will pass into the ownership of the Crown as ownerless property or 'bona vacantia'.

    Disclaiming assets

    The Treasury Solicitor via the Crown Solicitor has the power to disclaim, ie give up the rights to, the assets of a dissolved company. As a matter of policy, the Treasury Solicitor will disclaim onerous property, such as:

    • commercial leases at a market rent
    • any land used in common - eg private roads, amenity land, or common parts of an estate or flats
    • contaminated property or property in a dangerous state and condition
    • property subject to negative equity
    • property which is of limited value (under £1000), or unmarketable, or where it would not be cost effective to attempt a sale

    Referring a dissolved company asset to the Crown Solicitor

    If you have been directly or indirectly affected by the dissolution of a company, you may need to refer a dissolved company asset to the Crown Solicitor's Office. This could include if you:

    • are a lessee whose freehold was owned by the dissolved company
    • wish to purchase land owned by the dissolved company, or any other assets, such as shares, trademarks or copyrights
    • are adversely affected by land owned by the dissolved company
    • have a mortgage or charge on your property in favour of the dissolved company
    • are a shareholder trying to retrieve monies held by the dissolved company

    See how to contact the Crown Solicitor for Northern Ireland.

    Help
    Crown Solicitor's Office
    Actions
    Law Society of NI solicitors' directory
    Content category
    Finance

    Source URL

    /content/what-happens-company-assets-when-company-dissolved

    Links

  • Payments to former shareholders/liquidators of dissolved companies

    How the Crown Solicitor makes discretionary payments to former shareholders/liquidators of a dissolved company.

    The applicable procedure depends upon whether a dissolved company can or cannot be restored to the Register at Companies House. If a dissolved company can be restored to the Register, the Crown Solicitor as nominee and with the approval of the Treasury Solicitor may make a discretionary payment from its assets to the former shareholders, liquidators, administrators or company voluntary arrangement (CVA) supervisors.

    Discretionary payments

    Discretionary payments are paid from cash balances received from banks and other financial institutions and other assets. Discretionary payments are not normally made where administrative restoration is possible under the Companies Act 2006. If you want to administratively restore a dissolved company that owned any assets or rights at the time of its dissolution, you will need a waiver letter from the Crown Solicitor's Office.

    If former shareholders, liquidators, administrators or CVA supervisors wish to apply for a discretionary payment, they will have to meet the Crown Solicitor's requirements.

    The maximum amount for a discretionary payment for a company that can be restored to the register is limited to £3,000. However, this limit does not apply to companies which cannot legally be restored. If a dissolved company cannot be restored to the Register a discretionary payment may be made, but normally only to relieve hardship or if it would be unreasonable for the Crown to keep the asset, or where there is a compelling public interest in making any payment.  

    Debts and liabilities

    The Crown Solicitor is unable to make discretionary payments to creditors. The Crown Solicitor does not take responsibility for managing a dissolved company and so is not responsible for the company's debts or any other liabilities the company may have had.

    If you are a creditor of a dissolved company of which the Crown Solicitor's Office holds the assets, you can only pursue your claim by having the company restored (provided this is within six years from the date of dissolution).  

    Help
    Crown Solicitor's Office
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    Source URL

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  • How to contact the Crown Solicitor's Office for Northern Ireland

    How to contact the Crown Solicitor for Northern Ireland.

    If you have any questions about what happens to a dissolved company's assets, or any aspect of bona vacantia, the Crown Solicitor's Office should be able to help.

    You can write to the Crown Solicitor at the following address:

    Crown Solicitor's Office
    Royal Courts of Justice
    Chichester Street
    Belfast
    BT1 3JE

    Alternatively, you can contact the Crown Solicitor's Office on Tel 028 9054 2555.

    Help
    Crown Solicitor's Office
    Actions
    Contact details for Crown Solicitor's Office
    Content category
    Finance

    Source URL

    /content/how-contact-crown-solicitors-office-northern-ireland

    Links

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