Compare procedures
Choose up to three procedures and compare their purpose, control, stages and possible outcomes. Follow each guide for the detail, exceptions and sources.
Showing England & Wales. Compare explanations, rather than treating this as an eligibility assessment. Procedures can have different geographical scope and legal purposes.
| At a glance | Administration | Company voluntary arrangement | Creditors’ voluntary liquidation |
|---|---|---|---|
| Purpose | Rescue the company, obtain a better overall creditor result, or realise specified assets under the statutory hierarchy. | Compromise or reschedule qualifying company debts through an approved arrangement. | Wind up an insolvent company and distribute available assets under the legal priorities. |
| Who starts it? | Company, directors, a qualifying floating-charge holder or an eligible court applicant; route restrictions apply. | Usually directors with a nominee; an administrator or liquidator can also propose it. | Members pass a winding-up resolution, usually following directors’ proposals; creditors have appointment rights. |
| Who is in control? | The administrator controls the company, business and property. | Directors usually run the company; an insolvency practitioner supervises the arrangement. | A licensed insolvency practitioner acts as liquidator. |
| Timing & stages | Initial statutory duration normally one year; earlier exit and extensions are possible. | The proposal sets the term. Approval and challenge processes have statutory rules. | No fixed completion period; the work and any disputes determine duration. |
| Possible outcomes | Company rescue, business or asset sale, CVA, liquidation or dissolution. | Completion of the agreed compromise, variation, or failure that may lead to another procedure. | Asset realisations, possible creditor dividends, investigations and normally dissolution. |
| Read in depth | Guide & sources ↗ | Guide & sources ↗ | Guide & sources ↗ |