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Following the 1880 repeal of Canadian insolvency law at the federal level, [2] the Parliament of Canada returned to the field in 1882, passing legislation "for the purpose of winding-up insolvent banks, and insolvent trading companies," known as An Act respecting Insolvent Banks, Insurance Companies, Loan Companies, Building Societies and Trading Corporations.
The company is unable to pay its debts as they fall due; It is just and equitable to wind up the company, as for an example specified by an insolvency act [4] In practice, the vast majority of compulsory winding-up applications are made under one of the last two grounds. [5]
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
A company which is insolvent may be put into liquidation (sometimes referred to as winding-up). The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator. However, the liquidation will not be effective legally ...
When a company became insolvent liquidation followed because that was the consequence of the only insolvency legislation which then existed - the Bankruptcy Act and the Winding-Up Act. Almost inevitably liquidation destroyed the shareholders' investment, yielded little by way of recovery to the creditors, and exacerbated the social evil of ...
The defendants, however, relied on the observation of Sir George Jessel MR in Niger Merchants Co. v. Capper, 18 Ch.D. 557, 559 that “Where a company is insolvent no doubt it is reasonable to wind *1095 up the company, even where the debt is disputed.” But this statement is tentatively phrased in an apparently unreserved judgment unreported ...
corporate insolvency law recognises rights accrued under the general law prior to liquidation; only the assets of the debtor company are available for its creditors; security interests and other real rights created prior to the insolvency proceeding are unaffected by the winding up; the liquidator takes the assets subject to all limitations and ...
So they went to the Chancery Court and presented a petition to wind up the company on the ground that it was insolvent under the Insolvency Act 1986 ss 122(f) and 123(1)(a). Straight away Cornhill Insurance claimed that Improvement Services was engaged in frivolous, vexatious litigation and applied for an injunction to restrain the winding up ...