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Rule 4.7 Form 4.2 Winding-Up Petition (Title) (a) Insert title of court) To (a) (b) Insert full name(s) and address(BS) of petitioner(s) (Registered No. The petition of (b) Insert full name and registered

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How to fill out winding up petition

How to fill out winding up petition:

01

Begin by gathering all necessary information and documentation related to the insolvent company, such as financial statements, creditor details, and any other relevant records.

02

Prepare the winding up petition by including the name and registered address of the company, as well as the name and contact information of the petitioner.

03

Clearly state the grounds for winding up the company, which could include inability to pay debts, fraud, or just and equitable reasons. Provide supporting evidence to strengthen your case.

04

Calculate the total amount owed to creditors and include this figure in the petition. Ensure accuracy by cross-referencing financial documents.

05

Specify the type of winding up being sought, whether it is compulsory winding up by the court or voluntary winding up by the company's members or creditors.

06

Sign and date the winding up petition, and if required, have it witnessed by a solicitor or notary public.

07

Submit the completed winding up petition to the appropriate court along with the prescribed filing fee. It is recommended to retain a copy of the petition for your records.

Who needs winding up petition:

01

A winding up petition is typically filed by creditors who are owed outstanding debts by an insolvent company. It is a legal action taken to force the company into liquidation in order to recover the debts owed to them.

02

In some cases, the company itself may initiate the winding up process if it is unable to pay its debts and decides to wind up its operations voluntarily.

03

Additionally, shareholders or directors of a company may also seek a winding up petition if they have just and equitable reasons to believe that the company cannot continue its business operations or if there has been any fraudulent activity.

Note: It is important to consult with a legal professional or insolvency practitioner to ensure compliance with applicable laws and regulations when considering or filing a winding up petition.

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What is winding up petition?

A winding up petition is a legal action taken by a creditor or a company to force a company into compulsory liquidation.

Who is required to file winding up petition?

Creditors or the company itself can file a winding up petition.

How to fill out winding up petition?

A winding up petition must be completed with the relevant information and submitted to the court.

What is the purpose of winding up petition?

The purpose of a winding up petition is to liquidate a company and distribute its assets among its creditors.

What information must be reported on winding up petition?

The winding up petition must include details of the debt owed, evidence of the debt, and reasons for seeking liquidation.

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