Avoiding Winding Up: Judicial Management, Part II

Man banging the judge hammer

In the previous article, we explained that you may fend off creditors from winding up your company by applying for a Judicial Management Order while your company rehabilitates financially. In this post, we will explain the effects of a Judicial Management Order, including its effects in light of the COVID-19 situation.   Effect of a […]

Avoiding Winding Up: Judicial Management, Part I

Door sign that says "Closed"

What is Winding Up? The winding up of a company is a process where the company ceases to exist and its assets are seized and realised. Any remaining monies will be used to pay off the creditors of the company, the expenses and costs of the winding up, and any balance thereafter will be dispensed […]

Avoiding Winding Up: Schemes Of Arrangement

Avoiding Winding Up: Schemes Of Arrangement

Another way for companies to avoid winding up is to negotiate compromises and settlements with all its creditors. However, it is not easy to obtain the agreement of each and every creditor as they may be afraid of being disadvantaged in terms of their priority in the repayment process. The law mitigates the difficulty of […]

Company Winding Up

Close up of finger counting money

If you are a creditor of a company which is insolvent, you may petition to wind the company up to realise your debts. Winding up of a company is a process where the company ceases to exist and its assets are seized and realised. Any remaining monies will be used to pay off the creditors […]