CORPORATE INSOLVENCY

Provisional Liquidation

Provisional Liquidation is an interim step that preserves the assets of a company, pending the hearing of an application for winding up.

In these circumstances one of the Kazar Slaven partners is appointed Provisional Liquidator by the court. A creditor will usually be the applicant, however a member may seek the appointment of a Provisional Liquidator if there is concern that the directors are acting improperly. The company may be the applicant if voluntary winding up is not possible because of a deadlock in the company or where it cannot be initiated as quickly as necessary.