Any creditor or group of creditors owed more than £750 can ask the court to wind up your company (or to make you bankrupt if you are personally liable for the debt).
Additionally, you may decide to start insolvency proceedings yourself if you feel you have no reasonable chance of avoiding insolvency and want to resolve matters (as well as minimising the risk of accusations of, for example, wrongful trading).
Shareholders in a company can decide to wind it up without involving the court (this is called 'voluntary liquidation'). An individual may only be declared bankrupt by the court. An application may be made either by the individual himself or by one of his creditors.
