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 ... Summary
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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