winding-up petition
The process by which a company dies. Under Part IV of the Insolvency Act 1986, there are three separate procedures - a members voluntary winding up where a company is solvent, a creditors voluntary winding up for insolvent companies and a compulsory winding up by the court. Once the process starts the company is administered by a liquidator who disposes of all assets, and distributes the remainder to members or creditors. When the process is complete, the company is struck off the Companies Register and ceases to exist.

Easyform Glossary of Law Terms. — UK law terms.

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  • winding-up petition — A document presented to a UK court seeking an order for a company to be put into compulsory liquidation …   Accounting dictionary

  • winding-up petition — Fin a formal request to a court for the compulsory liquidation of a company …   The ultimate business dictionary

  • winding up — see liquidation London Stock Exchange Glossary * * * winding up ˌwinding ˈup noun [singular, uncountable] COMMERCE LAW when a business or organization is closed down, especially because it cannot pay its debts: • Redeemable preference shares… …   Financial and business terms

  • compulsory winding up — a procedure for the dissolution of a company involving a petition presented to the court, usually by a creditor. The petition must be based on one of the grounds specified in the Companies Act 1985. The most usual ground is that the company is… …   Law dictionary

  • voluntary winding up — a winding up of a company initiated by a special or extraordinary resolution of the company rather than by a petition to the court. Collins dictionary of law. W. J. Stewart. 2001. voluntary winding up …   Law dictionary

  • Cornhill Insurance plc v Improvement Services Ltd — Court High Court, Chancery Division Date decided 22 July 1985 Citation(s) [1986] 1 WLR 114, (1986) 2 BCC 98942 …   Wikipedia

  • SEBI Act 1992 — The Securities and Exchange Board of India Act, 1992 (the SEBI Act) was amended in the years 1995, 1999 and 2002 to meet the requirements of changing needs of the securities market and responding to the development in the securities market. Based …   Wikipedia

  • Accounting period — An accounting period is a period with reference to which United Kingdom corporation tax is charged. [Section 12 of the Income and Corporation Taxes Act 1988] It helps dictate when tax is paid on income and gains. An accounting period begins… …   Wikipedia

  • advertised — Where a winding up petition has been issued by the court, the petition must be advertised in the Gazette. Once advertised the petition may not be withdrawn by the petitioning creditor, and the effect often prejudices the company s credit. The… …   Law dictionary

  • compulsory liquidation — compulsory winding up The winding up of a company by a court. A petition must be presented both at the court and at the registered office of the company. Those by whom it may be presented include: the company, the directors, a creditor, an… …   Accounting dictionary

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