The main provisions of the Insolvency Act 1986 which are designed to encourage the directors of an insolvent company to close it down quickly while there may still be something to salvage are Sections 214 (winding up) and 246ZB (administration). They apply where a company has gone into insolvent liquidation or administration (not administrative receivership, although this may precede liquidation) and, at some time before the commencement of the winding up or the company entering administration, a director knew, or ought to have concluded, that there was no reasonable prospect that the company would avoid going into
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