In forceAmended2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 10A · Simplified Winding Up

250OA. Modifications to sections 124, 125 and 126

Amended

Last amended by an amending law of 2025.

(1)

Where the simplified winding up programme has commenced for a company, and the liquidator is subsequently of the view that the company is unsuitable to enter or to remain in the simplified winding up programme in view of the occurrence of any of the circumstances in section 250F(3) in relation to the company, the liquidator may apply under section 124 to the Court for an order that the company be wound up.

(2)

For the purpose of subsection (1) —

(a)

section 124 applies as if the liquidator of the company were entitled to make an application for the winding up of the company under that section; and

(b)

section 125(1) applies as if the circumstances for the Court to order the winding up of a company included the circumstance mentioned in subsection (1).

(3)

Despite section 126, where the Court has made an order to wind up the company, the winding up of the company is deemed to have commenced from the date of commencement of the simplified winding up programme for the company under section 250K.

(4)

The company is deemed to have been discharged from the simplified winding up programme on the date it is wound up pursuant to the order of the Court.