Insolvency Act · s 176

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

176.
Consequence of notice under section 175
(1) Where a notice has been given under section 175(3), the Official
Receiver or any creditor or contributory of the company, or the receiver of the company (if there is one) may apply to the Minister for directions under this section.
(2) The grounds on which that application may be made are that —
(a) the realisable assets of the company are sufficient to cover the expenses of the winding up;
(b) the affairs of the company do require further investigation;
or
(c) for any other reason the early dissolution of the company is inappropriate.
(3) Directions under this section —
(a) are directions making such provision as the Minister thinks fit for enabling the winding up of the company to proceed as if no notice had been given under section 175(3); and
(b) may, in the case of an application under section 175(5), include a direction deferring the date at which the dissolution of the company is to take effect for such period as the Minister thinks fit.
(4) It is the duty of the person on whose application any direction is given under this section, or in whose favour an appeal with respect to an

Insolvency 140
application for such direction is determined, within 7 days after the giving of the direction or the determination of the appeal, to deliver to the Registrar for registration such a copy of the direction or determination as is prescribed.
(5) A person who, without reasonable excuse, fails to deliver a copy as required by subsection (4), is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 176Consequence of notice under section 175

(1)

Where a notice has been given under section 175(3), the Official

Receiver or any creditor or contributory of the company, or the receiver of the company (if there is one) may apply to the Minister for directions under this section.

(2)

The grounds on which that application may be made are that —

(a)

the realisable assets of the company are sufficient to cover the expenses of the winding up;

(b)

the affairs of the company do require further investigation;

(c)

for any other reason the early dissolution of the company is inappropriate.

(3)

Directions under this section —

(a)

are directions making such provision as the Minister thinks fit for enabling the winding up of the company to proceed as if no notice had been given under section 175(3); and

(b)

may, in the case of an application under section 175(5), include a direction deferring the date at which the dissolution of the company is to take effect for such period as the Minister thinks fit.

(4)

It is the duty of the person on whose application any direction is given under this section, or in whose favour an appeal with respect to an

Insolvency 140

application for such direction is determined, within 7 days after the giving of the direction or the determination of the appeal, to deliver to the Registrar for registration such a copy of the direction or determination as is prescribed.

(5)

A person who, without reasonable excuse, fails to deliver a copy as required by subsection (4), is guilty of an offence and liable on conviction to a fine not exceeding $1,000, and, in the case of a continuing offence, with a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.