Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 10A · Simplified Winding Up
250G. Notice of objection
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Where a notice of objection is received within the period specified in section 250D(3)(b) objecting to the company’s entry into the simplified winding up programme on the ground that the company does not satisfy any requirement for entry, and the liquidator is not satisfied, on reasonable grounds, that the company satisfies that requirement, the simplified winding up process comes to an end.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Where a notice of objection is received within the period specified in section 250D(3)(b) objecting to the nominated liquidator only, the company may proceed to hold a meeting of the creditors to pass a resolution, by a majority of the creditors in value, within 14 days after the last day of that period, to nominate a liquidator (being a licensed insolvency practitioner), together with the proposed remuneration.
liquidator
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
In the circumstance in subsection (2), the company may only enter the simplified winding up programme when both of the following conditions are satisfied:
simplified winding up programme
“simplified winding up programme” means the programme established under section 250C.
within 7 days after the passing of the resolution nominating the substitute liquidator, the company provides to the substitute liquidator the documents specified in section 250D(5);
the nominated liquidator is satisfied on reasonable grounds that the company meets the requirements for entry.
If the company fails to pass a resolution mentioned in subsection (2) within the time specified in that subsection, the simplified winding up process comes to an end.
To avoid doubt, a notice of objection to the nominated liquidator under subsection (2) is only to the choice of the nominated liquidator and not to the nominated liquidator’s proposed remuneration.