Governed by Insolvency Act 1986
as amended by Enterprise Act 2002

Official receiver takes control of debtors property

Trustee realises and distributes bankrupt's estate

Enterprise Act 2002 made changes to extent which home is part of bankrupt's estate

Trustee converts bankrupt's property into money to pay debts

Normally continues for 12 months under Enterprise Act 2002

Liquidation brings existence of company to an end and administers property to creditors

Alternatives to liquidation:
1. Administration - administrator runs company as going concern

Company is dissolved and removed from Register of Companies