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8 Petitions by Contributories

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

Only an insolvent partnership can be wound up on a member’s petition under IPO 1994, but, in practice, almost all contributories’ petitions to wind up registered companies relate to solvent companies. A winding-up petition should not be used as a means of putting pressure on a company to meet the petitioner’s demands in relation to allotment of shares. If the partnership has eight or more members, any member may petition under article 9. If the partnership has fewer than eight members, by IA 1986, s 221A(2) inserted by IPO 1994, Petitions can be presented under article 10 for the winding up of a partnership and the winding up or bankruptcy of every one of its members only by a member of the partnership and only if all the members consent to orders being made against them. Any person liable to contribute to the assets of a registered company in the event of its being wound up is one of the company’s contributories.

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