Insolvency Act · 2022 Revised Edition · Chapter II
66. Circumstances in which company may be wound up voluntarily
Official textFrom Attorney General's Chambers, unchanged
A company may be wound up voluntarily —
company
“company” means a company incorporated or registered under the Companies Act;
when the period (if any) fixed for the duration of the company by the articles expires, or the event (if any) occurs, on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring it be wound up voluntarily;
if the company resolves by special resolution that it be wound up voluntarily.
Before a company passes a resolution for voluntary winding up, it must give written notice of the resolution to the holder of any qualifying floating charge.
resolution for voluntary winding up
“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
Where notice is given under subsection (2), a resolution for voluntary winding up may be passed only —
after the end of the period of 5 business days beginning with the day on which the notice was given; or
if the person to whom the notice was given has consented in writing to the passing of the resolution.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
floating charge
Defined · s 3“floating charge” means a charge which, as created, was a floating charge, and includes a floating charge within the Companies Act;
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
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