Compulsory Liquidation Flashcards
1
Q
Situation
What kind of member might feel what?
What amount of creditor debts may they not be able to pay?
What have they not done in the year of incorporation?
What certificate do they not get in the year of what?
What can the company pass for the court to do?
A
Dissatisfied member feels it’s just and equitable
£750+
Have not commenced
Trading certificate in year of registration
Special resolution for the court to wind them up
2
Q
Reason
Why is this done?
A
Because the company is wound up by official receiver
3
Q
Petitioners
The 5 different types
What is a contributory?
A
The company itself The official receiver Dept. Bus. Ent. Reg. Reform A contributory Any creditors owed £750+
Any person liable to contribute to assets
4
Q
Effect Who becomes the liquidator? What is stopped? What is ceased? unless what? What also ceases? What happens to employees?
A
Official receiver All attempts for recovery of assets All business unless necessary Directors power Immediately made redundant
