https://www.taxtmi.com/caselaws?id=100983 In winding-up proceedings, a contingent or prospective creditor is treated as a creditor for locus standi purposes, because a guaranteed liability may mature into an indebtedness if the contingency occurs. The inquiry is not confined to whether the company presently owes money to the petitioning creditor, but whether the company is unable to pay its debts as a whole, including contingent and prospective liabilities. Where a petition is presented by a contingent creditor, leave of court may be required before admission can properly be ordered under the winding-up framework and relevant rules. The discussion also notes that the company's broader financial position, including unpaid liabilities and lack of revival prospects, is material to admission. en-us Tue, 04 Dec 1984 00:00:00 +0530 Wed, 08 Feb 2012 12:04:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100983 In winding-up proceedings, a contingent or prospective creditor is treated as a creditor for locus standi purposes, because a guaranteed liability may mature into an indebtedness if the contingency occurs. The inquiry is not confined to whether the company presently owes money to the petitioning creditor, but whether the company is unable to pay its debts as a whole, including contingent and prospective liabilities. Where a petition is presented by a contingent creditor, leave of court may be required before admission can properly be ordered under the winding-up framework and relevant rules. The discussion also notes that the company's broader financial position, including unpaid liabilities and lack of revival prospects, is material to admission. Case-Laws Companies Law Tue, 04 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100983