STOP PRESS: From 6 April 2017, the Insolvency Rules 1986, SI 1986/1925 were revoked and replaced by the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024. The content in this Q&A may have been affected by this change. Grounds for presentation of a winding-up petition The statutory basis for presentation of a winding-up petition is governed by section 122 of the Insolvency Act 1986 (IA 1986). A creditor’s petition is usually based on IA 1986, s 122(1)(f) and (g)—namely that a company is unable to pay its debts as and when they fall due (IA 1986, s / 122(1)(f), as defined by IA 1986, s 123) or—less commonly as a sole ground—that it is just and equitable for the court to order the company to be wound up (IA 1986, s 122(1)(g)). For