Liquidation

Liquidation

Compulsory
1. Petition by creditor
  1. s122(1)(F)
  2. Failure to pay £750 in 3 weeks
    1. s123(1)(a)
  3. failure to pay 15 days after a decree
    1. s123(1)(c)
  4. inability to pay debts as the fall due
    1. cash flow problem
      1. Blue Star Security
    2. s123(1)(e)
  5. assets< liabilities
    1. s123(2)
    2. "contingent and prospective debts"
      1. potential and future
      2. MacPlant v Contract Lifting
        assets likely to be written off
  6. BNY v Eurosail
    1. assessment: 'point of no return'
2. Petition by member
  1. 'Just and Equitable'
  2. German Date Coffee
  3. Illegality
    1. Thomas Brinsmead
  4. Quasi-Partnership
    1. Ebrahimi v Westbourne Galleries
  5. Oppressive Conduct
    1. Loch v Blackwood
  6. Dealock in management
    1. Yenidje Tobacco
3. IA s122
Voluntary
1. Members
  1. Expectation some money for members
  2. s84
  3. Statutory Declaration of Solvency
    1. s89
    2. liable is made without good reason
  4. Can convert into a creditors voluntary if there is not enough money
2. Creditors
  1. members vote to wind up company
    1. insolvent
  2. creditors meeting
    1. within 14 days
      1. s98
Antedecent Transactions
1. Selling assets
  1. any attempt of directors void
    1. s127
  2. Site Preparations v Buchan Developments
    1. employees selling assets
      1. had to return
2. Gratutitous Alienations
  1. s245
  2. defences
    1. solvent at time
      1. s242(4)(a)
    2. adequate consideration
    3. chairtable/conventional gift
3. Unfair Prefences
  1. s243
  2. defences
    1. ordinary course if business
      1. e.g. payment into overdrawn account
    2. payment in cash
    3. reciprocal transactions
      1. value must be equal
4. Extrontionate Credit Transactions
  1. for the creditor to justify
  2. s244
5. Invalid Floating Charges
  1. s245
  2. 2 years connected person
  3. 12 months unconnected and insolvent at time
  4. defences
    1. money/services paid in return
  5. Power v Sharp Investments
    1. charge set aside
6. Misfeasance
  1. Breaching obligation the the company
    1. DKG Contractors
      1. Subsidiary paid first
  2. s212
7. Fraudulent Trading
  1. s213
  2. Morris Bank v India
8. Wrongful Trading
  1. s214
  2. Produce Marketing
9. Phoenix Trading
  1. s216
  2. Glasgow v Craig and Moccia

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