When it comes to company liquidation you will have two choices, voluntary or involuntary. The latter points towards a lack of control over the process and essentially this will be the case during proceedings.
So the reality is your choices are limited to some extent and whether one or the other applies to your company will depend on a whole range of circumstances.
Involuntary liquidation is unusually set in motion by one of your creditors if you owe them a sum of money that has little likelihood of being paid. This is often a last resort taken by a creditor as the consequences of liquidation are not clear cut. The creditor may for example have less chance of recovering all the money owed if a company ceases to trade.
Voluntary liquidation on the other hand is initiated by directors of a company and can significantly speed up the process of liquidation. In the case of voluntary liquidation, directors will be able to use the services of an insolvency practitioner to look at what options are on the table.
If there are no options other than to wind up the company then a liquidator will be appointed.
The one thing that is certain for the company in both cases is the end result. When the liquidation process begins, no further legal action can be taken against the company.