compulsory winding up

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. The most usual ground is that the company is unable to pay its debts.
References in periodicals archive ?
A compulsory winding up order has been made against the Redcar and Cleveland Money Tree and Glen Credit Union Limited.
At the High Court of Justice (Chancery Division) in London HMRC made an application for the compulsory winding up of the Public Trust Partnership, which Mr R Thomas formed in 2002 to provide strategic advice to organisations.
Summary: Chester City Football Club gave into a compulsory winding up order by the High Court today.
Chester City Football Club gave into a compulsory winding up order by the High Court today, as two other clubs were given more time to avoid the same fate.
Ementor filed a petition for the compulsory winding up of Hands in December 2003 claiming that Hands was insolvent as it had failed to repay a NOK11.
There is no equivalent provision of the Companies (Guernsey) Laws 1994 as amended applicable to companies in compulsory winding up.
On Friday (12 December) one of its larger creditors, Ementor ASA, filed a petition with the bankruptcy court of Oslo, Norway for the compulsory winding up of Hands.
NEW YORK -- Carlyle Capital Corporation Limited (Euronext Amsterdam ticker symbol: CCC; ISIN: GG00B1VYV826) (the Company), today announced that its Board of Directors recommended that Class A Shareholders vote in favor of a compulsory winding up proceeding under the Companies Law in Guernsey.
During a compulsory winding up, all remaining CCC assets will be liquidated by a court appointed liquidator in a timely and orderly manner.
NORDIC BUSINESS REPORT-12 December 2003-Ementor ASA files petition for compulsory winding up of Hands ASA(C)1994-2003 M2 COMMUNICATIONS LTD http://www.