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Company – Compulsory winding up. The respondent company was insolvent and there were concerns that it had been involved in money laundering. Its principal creditors were its customers. The applicant Secretary of State had sought a compulsory winding up order in the public interest. At the hearing of the application to appoint a provisional liquidator, the Secretary of State invite the court to proceed immediately to the petition and to make a compulsory winding up order. The Chancery Division determined that it was an appropriate case for dispensing with advertisement of the petition, it was an appropriate case for accelerating the hearing of the petition and it was manifest that a winding up order in the public interest should be made.
Company – Compulsory winding up. The respondent company was insolvent and there were concerns that it had been involved in money laundering. Its principal creditors were its customers. The applicant Secretary of State had sought a compulsory winding up order in the public interest. At the hearing of the application to appoint a provisional liquidator, the Secretary of State invite the court to proceed immediately to the petition and to make a compulsory winding up order. The Chancery Division determined that it was an appropriate case for dispensing with advertisement of the petition, it was an appropriate case for accelerating the hearing of the petition and it was manifest that a winding up order in the public interest should be made.
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