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Liquidation (or ‘winding up’) is the most common type of corporate insolvency procedure. Liquidation is the formal winding up of a company’s affairs, entailing the realisation of its assets and the distribution of the proceeds in a prescribed order of priority.

Bankruptcy is the administration of the affairs of an insolvent individual by a trustee in the interests of their creditors. It provides a legal way to address debts that cannot be repaid and offers protection from creditor enforcement.

Administration is a procedure available to a company that is insolvent, or is likely to become so. This places the company under the control of an insolvency practitioner. The business and assets are then sold by the Administrator.

This procedure is used when a company has ceased to trade, and is solvent. The company has sufficient assets to pay the creditors in full, and return the surplus funds to its shareholders.

A company voluntary arrangement is a procedure which enables a company to put a proposal to its creditors. The proposal, if agreed, prevents the creditors from taking enforcement action against the company.

This is a legally binding agreement between you and your creditors to repay your debts in manageable installments. Most IVAs last for 5 years and offer a structured way to address debts without the need for bankruptcy.