Winding-up petition
A formal court application asking for a company to be wound up, often presented by a creditor alleging the company cannot pay its debts.
Related terms
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Winding-up order
A court order placing a company into compulsory liquidation.
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Compulsory liquidation
Court-ordered liquidation of a company, usually following a winding-up petition presented by a creditor or another authorised party.
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Validation order
A court order validating specified company transactions that would otherwise be void because they occurred after a winding-up petition was presented.
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