Upon the issuance of a winding up order:
Company Assets: All assets, including properties, equipment, and receivables, are collected and sold by the appointed liquidator. The proceeds are used to repay creditors in a specific order set by insolvency laws.
Employees: Unfortunately, employees are often made redundant. They can claim unpaid wages, redundancy pay, and other entitlements from the National Insurance Fund. If the company is sold as a going concern, employees might be transferred to the new owner under the Transfer of Undertakings (Protection of Employment) Regulations (TUPE).
