The potential consequences of Compulsory Liquidation mean you should see it as a last resort. If your company is facing financial difficulties, there are other routes to explore.
Negotiating a Company Voluntary Arrangement (CVA) allows you to repay your creditors over time while you continue to trade. If your company is no longer financially viable, a Creditors’ Voluntary Liquidation (CVL) is a way to close it voluntarily that gives you more control over the process.