IVA Glossary
W
Winding Up Orde
The so-called "winding up order" is given by the British court under the 1986 Insolvency Act, forcing a company to be wound up. The term refers to a special order made by the Court which is addressed to an enterprise. According to this order, the company in question should be put into compulsory liquidation. This type of liquidation is also called the creditors' winding up.
Compulsory winding up means that the court executes a winding-up order for the company in question. According to this order, the company must be settled or wound up.
In order to get a winding up order, a winding-up petition should be presented in front of the Court. It should be noted that in case there are more directors, they must present the winding-up petition jointly as the petition is not valid if only a single director presents it.
Compulsory winding up means that the court executes a winding-up order for the company in question. According to this order, the company must be settled or wound up.
In order to get a winding up order, a winding-up petition should be presented in front of the Court. It should be noted that in case there are more directors, they must present the winding-up petition jointly as the petition is not valid if only a single director presents it.
