Co-operate with the official receiver after your company has been liquidated

You must help the official receiver (OR) when the company you’re a director of is wound up (liquidated) as a result of insolvency.

Your responsibilities when your company is being liquidated

When your company is being liquidated, the court will appoint an official receiver to settle your company’s debts and investigate why your company became insolvent.

The official receiver will send you a questionnaire about your company and ask you to attend an interview.

At the interview you must:

give the official receiver your completed questionnaire
hand over all company books (accounts), records and paperwork in your possession
give full details of all the company’s assets and liabilities
tell the official receiver if somebody else is holding assets or trading records

If you don’t co-operate with the official receiver, you might:

be prosecuted
be disqualified as a company director
have to answer questions in court
have a warrant issued for your arrest

What you can and can’t do after liquidation

After liquidation you:

must co-operate with the official receiver
can’t control the company’s business
can’t act for or on behalf of the company
can’t use company assets to pay creditors or for your own use and benefit
can’t re-use the company name

Settling the company’s debts and paying for shares

You may have to help the official receiver sell the company’s assets during liquidation.

If you’ve guaranteed any of the company’s debts, it means that you’ve agreed to pay the debt if the company can’t. You may also have to help pay debts if the company has traded wrongfully or fraudulently.

If you’re a shareholder of the company, you may be asked to pay for any shares that you have not paid for in full.

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