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of <h1>Winding up order treats all creditors and contributories equally, as if on a joint insolvency petition, ensuring pari passu</h1> An order for winding up a company is deemed to benefit all its creditors and contributories equally, regardless of who initiated the proceedings. Legally, the winding up order is treated as if it were made on a joint petition by all creditors and contributories, ensuring collective and non-discriminatory treatment. This provision prevents any single creditor or contributory from claiming a superior procedural position based on initiating the petition. It reinforces the principle of pari passu distribution and collective enforcement in insolvency, aligning all stakeholders under a unified process supervised by the Tribunal, from the date of the winding up order.
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