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Before liquidating assets it may be helpful to consult your lawyer and accountant or other tax professional for assistance in planning the liquidation.For example, if it has been determined that a company has been carrying out fraudulent activities, the court may compel the business to cease operations immediately and then set about seeking compulsory liquidation to compensate those damaged as a result of criminal activities as well as fines and punitive damages due the government.
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It should be said however that a company might have been able to avoid compulsory liquidation brought about by creditors if it had acted quickly and in good faith to seek voluntary arrangements to pay debts in full within a stated timeframe.
Even so, if those debts aren't satisfied the creditors still have the legal right to file a petition for compulsory bankruptcy with the court.
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