Winding up order treats all creditors and contributories as if jointly petitioning, securing their mutual legal position. An order for winding up a company operates to place all creditors and all contributories in the same position as if the order had been made on a joint ... Summary
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Winding up order treats all creditors and contributories as if jointly petitioning, securing their mutual legal position.
An order for winding up a company operates to place all creditors and all contributories in the same position as if the order had been made on a joint petition by a creditor and a contributory, creating a statutory fiction that treats both classes as beneficiaries of the winding up order.
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