You do have some control if you act quickly - your first consultation is free of charge and we can come to you.

Has your company been served liquidation proceedings? Then you have a limited time to act.

Once an application to liquidate a company has been filed in Court and served on the company, then the shareholders of the company have 10 working days from the date of service to decide whether they wish to appoint a liquidator.

If they do not appoint a liquidator within the above timeframe then they will have to wait until the Court appoints a liquidator, usually a person or persons nominated by the petitioning creditor.

What does sometimes happen is that the shareholders of a company leave it too late to take professional advice, and if appropriate, appoint a liquidator within the 10 working day timeframe.

By the time they speak to an insolvency practitioner the 10 working day period may have expired and they have lost the ability to appoint a liquidator and therefore must wait until the court hearing date (which can be some weeks away) for the Court to appoint the petitioning creditors nominated liquidator or the Official Assignee.

If a liquidator was appointed by the shareholders after the 10 working days have expired then the Court can declare the appointment as being invalid and appoint a new liquidator as their replacement.

In summary if your company receives service of liquidation proceedings it is recommended that you should immediately speak to an insolvency professional before your option to appoint a liquidator expires.