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Dear teacher
Which of the following CANNOT petition for the compulsory winding up of a company on the grounds of INSOLVENCY under s.122 Insolvency Act 1986?
The board of directors
The members of the company
The company’s creditors
The Secretary of State
the answer is ‘The members of the company’ , please explain why, thank you!Section 124, subsection (2) refers:
“Except as mentioned below, a contributory is not entitled to present a winding-up petition unless either—
(a) the number of members is reduced below 2, or
(b) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him, or have been held by him, and registered in his name, for at least 6 months during the 18 months before the commencement of the winding up, or have devolved on him through the death of a former holder”
The members may, by special resolution, ask the Court to grant a winding-up order
Where a person has (as above) NOT been a member for 6 of the previous 18 months … in that case, that member is unable to ask the Court for a winding-up order
OK?
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