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There are several insolvency proceedings which a tax practitioner needs to understand, as follows:

1. Ìý

   •ÌýÌýÌýÌý Liquidation (also referred to as a 'winding up'). This is an established procedure. There are four types that the tax practitioner might commonly come across:

2. 1. Ìý

      –ÌýÌýÌýÌý the creditors' voluntary liquidation – despite the name, this is where the members (not the creditors) resolve to wind the insolvent company up but once they have done so it is under the control of the creditors (creditors are unable to voluntarily wind up a company, but they can petition for a company's compulsory liquidation, see below)

   2. Ìý

      –ÌýÌýÌýÌý the members' voluntary liquidation – whereby a liquidator is appointed by the members of a solvent company

   3. Ìý

      –ÌýÌýÌýÌý the compulsory winding up or liquidation, whereby the court is petitioned by a creditor (which may be HMRC), the company or its director, one or more shareholder or by the Secretary of State and whereby a liquidator is appointed by the court

   4. Ìý

      –ÌýÌýÌýÌý the provisional liquidation, whereby a provisional liquidator is appointed