|
Petitioner shareholder’s winding-up petition granted: respondent unable to pay debts and membership reduced below two, costs awarded.
Company law — Winding-up by court — Member’s petition under s.56; Service and advertisement compliance; Insolvency — ‘unable to pay debts as they fall due’ (s.57(3)(c)) and solvency test (s.57(4)); Balance-sheet and cash-flow considerations; Insufficient proof of specific trade and statutory debts; Reduction of members below two (s.57(1)(d)) — proper ground for winding-up.
|