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Straightforward guidance across a range of topics
- Insolvency
- Winding up
Effect of enforcement process
A creditor:
- • must disgorge the proceeds of any enforcement process (ie a writ of execution, garnishee or charging order under a judgment against the company) received within 6 months before the commencement of the winding up; and
- • cannot start or proceed with the enforcement process once given notice of the filing of an application or the convening of a meeting for winding up, which freeze is lifted if the application is dismissed or the resolution not passed.
A similar freeze applies to the sheriff if given notice. The sheriff must pay any proceeds or money held to the liquidator once notified of his or her appointment.
See Effect of enforcement process.
