The following Restructuring & Insolvency practice note provides comprehensive and up to date legal information covering:
Peter Kelso, solicitor
This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19) toolkit and Practice Note: Coronavirus (COVID-19) Tracker of insolvency reforms globally. For related news, guidance and other resources to assist practitioners working on restructuring and insolvency matters, see: Coronavirus (COVID-19)—Restructuring & Insolvency—overview.
There are three main types of winding up:
winding up by the court, which is in turn divided into:
winding up in insolvency, where the company must be insolvent, and
winding up by the court on other grounds, where the company may or may not be insolvent
winding up by order of ASIC in specified circumstances, and
voluntary winding up, which is in turn divided into:
members’ voluntary, where the company must be solvent, and
creditors’ voluntary, where it will generally be insolvent
A company may be wound up on the ground that it is insolvent—that is, unable to pay all its debts as they fall due. Insolvency may be established in a number of ways, but the most common is failure to comply with a statutory demand by a creditor for payment of a debt. Such a demand may be set aside by the court on grounds including a dispute about the debt or a counter-claim.
The court can also wind up a company on a number of
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