Provisional liquidation
A temporary court appointment of a provisional liquidator before a winding-up petition is finally decided, usually where assets or the company need urgent protection.
Related terms
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Compulsory liquidation
Court-ordered liquidation of a company, usually following a winding-up petition presented by a creditor or another authorised party.
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Creditors’ Voluntary Liquidation (CVL)
A liquidation started by an insolvent company’s shareholders, with creditors having an important role in the appointment and oversight of the liquidator.
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Liquidation
A formal process that closes a company, realises its assets and distributes available funds to creditors before the company is dissolved.
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