Companies can be close down either by “Striking Off” or “Winding Up/Liquidation“. Winding up and striking off both results in a company ceasing to exist. However, they are very different processes and should not be confused with each other.
Striking off is a more straightforward process whereas Liquidation can be categorized into 3 different types namely Members’ Voluntary Liquidation, Creditors’ Voluntary Liquidation and Court Winding Up. When a company is in Liquidation, the Liquidator takes control of the company.
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