Company insolvency options
A receiver is appointed by a secured creditor to deal with the secured assets. A company can be in receivership and also in liquidation or voluntary administration.
An administrator is appointed to review and rearrange a business to avoid liquidation.
A liquidator is appointed to investigate and deal with all the business assets. The creditors can apply to the High Court for this to happen (Creditor Liquidation), or the shareholders can pass a special resolution (Voluntary Liquidation). The liquidator is usually a chartered accountant, or an insolvency expert.
The Insolvency and Trustee Service only deals with liquidations, and generally only if appointed by the court.