F1PART VN.I.WINDING UP OF COMPANIES REGISTERED UNDER THE COMPANIES ORDERS

CHAPTER IIN.I.VOLUNTARY WINDING UP (INTRODUCTORY AND GENERAL)

Resolutions for, and commencement of, voluntary winding upN.I.

Circumstances in which company may be wound up voluntarilyN.I.

70.—(1 )F2 A company may be wound up voluntarily—

(a)when the period (if any) fixed for the duration of the company by its articles expires, or the event (if any) occurs, on the occurrence of which its articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring it to be wound up voluntarily;

(b)if the company resolves by special resolution that it be wound up voluntarily;

(c)if the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.

[F3(1A) 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 to which Article 59A applies.

(1B) Where notice is given under paragraph (1A) a resolution for voluntary winding up may be passed only—

(a)after the end of the period of 5 business days beginning with the day on which the notice was given, or

(b)if the person to whom the notice was given has consented in writing to the passing of the resolution.]

(2 )F2 A resolution passed under sub‐paragraph (a) of paragraph (1), as well as a special resolution under sub‐paragraph (b) and an extraordinary resolution under sub‐paragraph (c), is subject to Article 388 of the Companies Order (copy of resolution to be forwarded to registrar within 15 days). F2

F2mod. by SR 2004/307