A defunct company is a business entity that has been wound up and has therefore ceased to exist. This could occur due to insolvency, voluntary dissolution by its owners, or other legal reasons.
A limited company is a type of company structure where the liability of members is restricted to their investment or guarantee amount.
Liquidation, also known as winding-up, refers to the process of distributing a company's assets among its creditors and members, which ultimately leads to the dissolution of the company. The process can be voluntary or court-ordered.
An Official Receiver (OR) is a person appointed by the Secretary of State for Business, Innovation and Skills to act as a receiver in bankruptcy and winding-up cases. Official receivers are officers of the court, usually acting as liquidators in company windups.
A creditor whose debt is prioritized over other creditors’ debt, increasing their likelihood of payment in full during a bankruptcy or company winding-up procedure.
The process of liquidating a corporation, involving the collection of assets, payment of expenses, satisfaction of creditors' claims, and distribution of remaining assets to shareholders.
Winding-up is the process of dissolving a company by liquidating its assets to pay off creditors and distributing any remaining assets to shareholders.
