Compulsory Liquidation

Question 1

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?

Answer 1

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

Question 2

Reason

Why is this done?

Answer 2

Because the company is wound up by official receiver

Question 3

Petitioners
The 5 different types

What is a contributory?

Answer 3

The company itself 
The official receiver 
Dept. Bus. Ent. Reg. Reform 
A contributory 
Any creditors owed £750+

Any person liable to contribute to assets

Question 4

Effect 
Who becomes the liquidator?
What is stopped?
What is ceased? unless what?
What also ceases?
What happens to employees?

Answer 4

Official receiver 
All attempts for recovery of assets
All business unless necessary 
Directors power
Immediately made redundant