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Commentary

Section 233 Effect of a Section 110 sale on creditors of the original company

COMPANIES vol 11 acquisitions, mergers, demergers
| Commentary

Section 233 Effect of a Section 110 sale on creditors of the original company

| Commentary

233 Effect of a Section 110 sale on creditors of the original company

A sale by the liquidator of the whole or part of the original company’s undertaking in exchange for shares in the purchasing company is binding not just on the members of the original company but on the creditors as well1. As with dissenting members, if the sale is prejudicial to their interests, they should apply to the court for an order that it shall not be carried out, or petition for a winding-up order within the year specified in Section 110(6) of the Insolvency Act 19862.

Although creditors

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