Insolvency Act · 2022 Revised Edition · Chapter IX
175. Early dissolution
Official textFrom Attorney General's Chambers, unchanged
This section applies where an order for the winding up of a company has been made by the Court.
company
“company” means a company incorporated or registered under the Companies Act;
The Official Receiver, if —
he is the liquidator of the company; and
it appears to him that —
the realisable assets of the company are insufficient to cover the expenses of the winding up; and
the affairs of the company do not require any further investigation, may at any time apply to the Registrar for the early dissolution of the company.
Before making that application, the Official Receiver shall give not less than 28 days’ notice of his intention to do so to the company’s creditors and contributories and, if there is a receiver of the company, to that receiver.
With the giving of that notice, the Official Receiver ceases
(subject to any direction under section 176) to be required to perform any
Insolvency duty imposed on him in relation to the company, its creditors or contributories by virtue of any provision of this Act, apart from a duty to make an application under subsection (2).
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
On the receipt of the Official Receiver’s application under subsection (2), the Registrar shall forthwith register it and, at the end of the period of 3 months beginning with the day of the registration of the application, the company shall be dissolved.
The Minister may, on the application of the Official Receiver or any other person who appears to the Minister to be interested, give directions under section 176 at any time before the end of that period.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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