Insolvency Act · 2022 Revised Edition · Part · Winding Up of Unregistered Companies
194. Inability to pay debts: unpaid creditor for $10,000 or more
Official textFrom Attorney General's Chambers, unchanged
An unregistered company is deemed (for the purposes of section 193) unable to pay its debts if there is a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding $10,000
unregistered company
“unregistered company” includes any partnership, association and company except — (a) a company incorporated or registered under the Companies Act; or (b) a partnership, an association or a company which consists of less than 8 members and is not a foreign partnership, association or company.
then due and —
the creditor has served on the company, by leaving at its principal place of business, or by delivering to the secretary or some director, judicial manager or principal officer of the company, or by otherwise serving in such manner as the Court may approve or direct, a written demand in the prescribed form requiring the company to pay the sum due; and
the company has for 3 weeks after the service of the demand neglected to pay the sum or to secure or compound for it to the creditor’s satisfaction.
The money sum for the time being specified in subsection (1) is subject to increase or reduction by rules; but no increase in the sum so specified affects any case in which the winding up petition was presented before the coming into force of the increase.
Terms defined in this Act
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;
unregistered company
Defined · s 192“unregistered company” includes any partnership, association and company except — (a) a company incorporated or registered under the Companies Act; or (b) a partnership, an association or a company which consists of less than 8 members and is not a foreign partnership, association or company.