Question

1. Identify five persons who might apply to the court for the liquidation of a company.

Answer 1

The corporation, the owners, any borrower or borrower, a lender or donor, the clerk of a magistrate's court in the exercise of the authority granted by section 87A of the Magistrates Court Act 1980 (enforcement of penalties levied on companies), some mixture of the parties listed above, the official recipient, the Secretary of State, the admirable individual.

Non-administrative  receiver -- Case law suggests a non-administrative recipient can submit a wind up petition in the company's name and as its agent. The list above isn't exhaustive. Unless the business becomes an authorised entity under the Banking Act 1987, certain regulatory authorities have the right to wind up their representatives or individuals regulated by them under relevant laws, e.g. the Bank of England.

Company directors -- When the directors file a motion, they must motion in their own names, rather than in the company's name, and they must act collectively in the absence of a specific board vote. If, though, the majority of directors at a board meeting have agreed to wind up the firm.

Creditor -- The word creditor applying for petition application involves contingent and prospective creditors who may petition on the 'equal and reasonable' ground.

Voluntary -- When a corporation is currently in mutual liquidation and a borrower submits a claim, the court must take into consideration the interests of the majority of potential shareholders and may exempt the creditors' opinions even though they are still significant creditors.

Assignee -- An assignor to a debt incurred by a corporation has the ability to lodge a lawsuit for winding up, even though the contract is a legitimate one. Where the assignment happens after the petition has been submitted, the court can amend the petition and substitute the assignee as a petitioner.