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1 Jurisdiction, Sources and General Rules

From: Applications to Wind up Companies (4th Edition)

Derek French
Edited By: Stuart Sime

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 22 February 2024

The chapter discusses the process of applying for and making winding-up orders. Proceedings for Winding Up by the Court Under Insolvency Act 1986 must be made by Petition. Winding up is most often sought by creditors of insolvent companies and is usually seen primarily as an insolvency procedure. Other purposes may justify making a winding-up order. From the time that a court makes an order that a company is to be wound up, the company has a liquidator under IA 1986. The liquidator must take into his custody or under his control all the property and things in action to which the company is or appears to be entitled. A compulsory winding up is wholly dependent on the court. It is for the court to oversee the realization of the assets of the company and their distribution, on the correct principles, among creditors and members. Legislation has made available various company insolvency procedures which, though not winding-up orders or bank or building society insolvency orders, replace a company’s directors with an independent insolvency office-holder who is at least capable of achieving the winding up of the company.

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