LAWS2014 Lecture Notes - Lecture 13: Proper Records, Unfair Preference, Floating Charge
Document Summary
1 liquidation (winding up or death of company) Liquidation describes the process where the company"s assets are sold to repay creditors, with any surplus being returned to members. The court may order the company to be wound up in insolvency (part5. 4) or on other grounds (part5. 4a). Upon application, the court can order for the company to be wound up in insolvency (s. Is not bankruptcy (which is for individual person not company) s468. A liquidator or provisional liquidator of the company; or. A creditor of debts that are not contingent or prospective; The following people may apply for liquidation without the leave of the court: (s439p). The following people can apply only with leave of the court: (s 459p). The court will give leave if there is a prima facie case that the company is insolvent, but not otherwise. A creditor with only a contingent or prospective debt; A contributory (a member with unpaid calls: s 9);
