255. Commencement of winding up

Question 1

255. Commencement of winding up

Answer 1

General overview
[255.01] Section 255(2) provides that the time for the “commencement of winding up” is the time when the application is made. On the other hand, where a resolution for voluntary winding up has been passed by the company, and a compulsory winding up application is made subsequently, the “commencement of the winding up” shall be deemed to be the date of the resolution, unless there is fraud or mistake. This section is relevant for purposes of ss 259 and 260.