Meeting of creditors can compel voluntary winding up or require tribunal winding up if company appears unable to pay debts. A company proposing voluntary winding up must convene a creditors' meeting immediately, provide a full statement of affairs, creditor list, required declaration and estimated claims, and appoint a presiding director; creditors may resolve for voluntary winding up or for Tribunal winding up if the company appears unable to pay debts, triggering a Tribunal application within fourteen days, and the company must notify the Registrar of creditor resolutions within ten days, with prescribed penalties for noncompliance.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Meeting of creditors can compel voluntary winding up or require tribunal winding up if company appears unable to pay debts.
A company proposing voluntary winding up must convene a creditors' meeting immediately, provide a full statement of affairs, creditor list, required declaration and estimated claims, and appoint a presiding director; creditors may resolve for voluntary winding up or for Tribunal winding up if the company appears unable to pay debts, triggering a Tribunal application within fourteen days, and the company must notify the Registrar of creditor resolutions within ten days, with prescribed penalties for noncompliance.
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