I have been a creditor in 2 insolvent companies.
They were declared insolvent because a creditor made the application.
I was then called to a meeting by the administrator who outlined the companys' assets, liabilites and general position of the company and its future.
The creditors were then asked to vote on winding up the company.
In one case the vote was to wind up but in the other case the creditors voted to allow the administrator and company to trade out of the cash flow problem
The reason was as Hyphen said. The company had a temporary cash flow problem not a terminal business problem.
I have been a creditor in 2 insolvent companies.They were...
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