WINDING UP 
22% 
at the registered office of the company, a demand 
under his hand requiring the company to pay the 
sum so due, and the company has for three weeks 
thereafter neglected to pay the sum, or to secure 
or compound for it to the reasonable satisfaction 
of the creditor; or 
if, in England or Northern Ireland, execution or other 
process issued on a judgment decree or order of any 
Court in favour of a creditor of the company is returned 
unsatisfied in whole or in part; or 
(iii) if, in Scotland, the inducie of a charge for payment 
on an extract decree, or an extract registered bond, 
or an extract registered protest have expired without 
payment being made; or 
if it is proved to the satisfaction of the Court that the 
company is unable to pay its debts, and, in determining 
whether a company is unable to pay its debts, the 
Court shall take into account the contingent and 
prospective liabilities of the company. 
A petition may, subject to certain restrictions (see s. 170), 
be presented by the company itself, by one or more creditors, 
or by one or more shareholders, or by all or any of those 
parties, together or separately, or if the company is already 
being wound up voluntarily by the Official Receiver. If the 
cround of the petition is default in delivering the statutory 
report to the Registrar, or holding the statutory meeting, the 
Court may direct the default to be made good instead of 
making a winding-up order [s. 171 (2)]. Upon an order for 
winding up being made, the proceedings in the liquidation 
are conducted temporarily by the Official Receiver, as pro- 
visional liquidator, and subsequently by one or more liquida- 
tors appointed by the Court, or if no liquidator is so appointed, 
by the Official Receiver as liquidator [s. 185] a copy of 
the winding-up order must be sent forthwith to the Registrar 
's. 176]. A corporation cannot be appointed liquidato~ 
's. 2781. 
The commencement of the winding up (a date of con- 
siderable importance) is deemed to be (1) if the company is 
not already in voluntary liquidation, the date of the presen- 
tation of the petition [s. 175 (2)], and (2) if it is already in 
voluntary liquidation, the date of the passing of the resolution 
for winding up, the order being thus retrospective. Under the 
Act of 1908, the date of presentation of the petition was always 
the commencement of the winding up, and this fact had 
sometimes unfortunate consequences where compulsory 
Presentation 
of Petition. 
Commence- 
ment of 
Winding up.