When a company is in the process of being wound-up it is in liquidation. Liquidation is commenced by the company itself, or its creditors or by the court. It ends with the company being dissolved.
The law requires the person who carries out any formal insolvency procedure (including insolvent liquidations) to be a licensed insolvency practitioner. The insolvency practitioner will be licensed by one or more of seven different regulatory authorities. The most common regulatory authorities are the Insolvency Practitioners Association, the Solicitors Regulation Authority and the Institute of Chartered Accountants of England and Wales. There are approximately 2,500 insolvency practitioners currently licensed in the UK.