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winding up - Coggle Diagram

- - - - unable to pay debts
        
        definition in 214
        
        570
        
        dismissed if debt genuinely disputed - re WMG Toughening
    - - Re Genport - just because can't pay debts doesn't mean has to be wound up - ulterior motive won't be allowed - up to court to make final decision
      - Re Bula Ltd creditor prima facie entitled to order - for beenfefit of class of creditors - can't abuse process to get ahead of others
      - RW Sharman views of other creditors can be taken into consideration
- - - - commencement - directors powers curtailed
      - appointment of liquidator
      - identify and collection of assets
      - distriution
      - final account by liquidator
      - dissolution
    - - Falway and Salthill Tramways dorectors can't bring petition
    - - inability to pay debts
  - - - 726 - notice given 729
    - - 738 - done within 20 years
      - 737 done within 12 months
      - Re Amantiss Enterprises after restoration all transactions automatically restored retrospectively in the period where company struck off
  - - - 578 - resolution of general meeting
      - if company acheived its purpose -579 - can be in constitution
      - declaration of solvency 580 after full inquiry - if not actually solvent directors personally liable
    - - 586 0 if insovlent cant continue trading
      - liquidator appointed
        
        statement of affairs
        
        EGM - notice sent 10 days prior and ad in daily papers
        
        committe of inspection
        
        vote by unsecured creditors only unless secured creditors render debt unsecured
    - - Re Gilt Construction court slow to overturn appointment of majority need compelling reason