Principle

COMPANY LAW — Winding-Up — Inability to Pay Debts — Essential Ingredients Required to Ground Winding-Up Petition

Area of law: COMPANY LAW
Court: Supreme Court

Three ingredients are required for winding-up: debt, due, and inability to pay. The principle applies to company law. All must be proved. The rule ensures proper grounds. The court will examine each element. The principle is well-established.

Read the full principle with Sanctum

Sanctum is the key to all NLC content: judgments, principles, statutes, rules of court and court forms. Choose a plan from 1 month to 36 months.

Get Sanctum Access I’m a member — Log in