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Legal Terms - compulsory winding-up (compulsory liquidation)
a process wherein a corporation is wound up by the court on the basis of a petition filed under certain conditions specified in the Insolvency Act 1986. This kind of petition is primarily justified by the company's inability to pay its debts or by the court's determination that a *just and equitable winding-up is in the company's best interests (Insolvency Act 1986 § 122). Such a petition may be filed by the Secretary of State, the supervisor of a voluntary arrangement, any director, *contributory, or creditor of the company (Insolvency Act 1986 § 124). Under the direction of the Department of Business, Energy and Industrial Strategy (BEIS), a *liquidation committee, and the court, a *liquidator* oversees the winding up.
a process wherein a corporation is wound up by the court on the basis of a petition filed under certain conditions specified in the Insolvency Act 1986. This kind of petition is primarily justified by the company's inability to pay its debts or by the court's determination that a *just and equitable winding-up is in the company's best interests (Insolvency Act 1986 § 122). Such a petition may be filed by the Secretary of State, the supervisor of a voluntary arrangement, any director, *contributory, or creditor of the company (Insolvency Act 1986 § 124). Under the direction of the Department of Business, Energy and Industrial Strategy (BEIS), a *liquidation committee, and the court, a *liquidator* oversees the winding up.
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