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Winding-up petition - Bankruptcy UK

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Winding-up petition

A petition presented to the Court seeking an order that a company be put into compulsory liquidation. Wrongful trading applies to companies in liquidation where a director allowed the company to continue trading in circumstances where he should have concluded that there was no reasonable prospect that the company would avoid going into insolvent liquidation. The directors involved may be made personally liable to make a contribution to the company’s asset.

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Bankruptcy UK

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