The court can make a winding-up order on the application of a creditor or its directors or shareholders as can an administrative receiver, an administrator, a supervisor of a voluntary arrangement, the Secretary of State for Trade and Industry, the Financial Services Authority, the clerk of a magistrates' court, the official receiver or a member State Liquidator.
A winding-up order can be made if the company:
• has decided that it should be wound up by the court;
In compulsory liquidation proceedings, the company's directors must:
• registered as a public limited company more than a year previously but has not yet been issued with a trading certificate;
• is an 'old' public company;
• has not begun trading within a year of its incorporation or has suspended its trading for a whole year;
• has less than two shareholders, unless it is a private company limited by shares or guarantee;
• cannot pay its debts;
• should be wound up because the court forms the opinion that this would be just and equitable.
• provide information about the company's affairs to the official receiver, probably initially over the telephone, but later at a formal interview at the official receiver's office;
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• provide information about the company's affairs to any insolvency practitioner who is appointed liquidator of the company, and attend for interview when reasonably required; and
• look after and hand over the company's assets to the liquidator or official receiver, together with all its books, records, bank statements, insurance policies and other papers relating to its assets and debts.