Scotland: compulsory liquidation

Produced in partnership with Kirsten Fleming of Addleshaw Goddard LLP

The following Restructuring & Insolvency practice note produced in partnership with Kirsten Fleming of Addleshaw Goddard LLP provides comprehensive and up to date legal information covering:

Scotland: compulsory liquidation
Coronavirus (COVID-19)/CIGA 2020
What is compulsory liquidation and in what circumstances should this route be pursued?
Who can petition for the compulsory liquidation of a company and under what circumstances?
What entities can be wound-up in Scotland?
The process of obtaining a compulsory winding-up order
Petitions triggering caveats—caveat hearings
Disputed petitions where answers are lodged
The treatment of limited liability partnerships in compulsory liquidation
Summary

Scotland: compulsory liquidation

For the impact of Brexit on Scottish procedures, see Practice Note: Table showing impact of Brexit on jurisdiction to commence insolvency/restructuring proceedings and obtain recognition in other EU Member States.

The Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, SI 2018/1082 and Insolvency (Scotland) (Receivership and Winding up) Rules 2018, SSI 2018/347 (the ‘IRSWUP Rules 2018’), came into force on 6 April 2019. The content of this Practice Note reflects the application of the IRSWUP 2018 Rules. This note does not address any transitional provisions as may be applicable, on the assumption that there will be few cases remaining for which the transitional provisions would be relevant. For further information on the changes, see:

•
Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, LNB News 15/10/2018 111
•
Insolvency (Scotland) (Receivership and Winding up) Rules 2018, LNB News 15/11/2018 7
•
New insolvency rules for Scotland—what the changes will mean
•
New changes under the Insolvency (Scotland) (Receivership and Winding up) Rules 2018

This Practice Note looks at compulsory liquidation in Scotland and sets out: (i) the entities that may apply for the winding-up of a company; (ii) the circumstances in which such an application may be made; and (iii) the process to be undertaken in seeking to obtain a winding-up order from the court. For a glossary of commonly used Scottish insolvency terms, see Practice

Navigate the law quickly and efficiently with Lexis^®PSL

Imagine being able to quickly find up-to-date guidance on points of law and then easily pull up sources to support your advice. With LexisPSL, you can.