Insolvency

Defined as having insufficient assets to meet all debts, or being unable to pay debts as and when they are due. If a creditor can establish either test, he will be able to present a winding-up petition. For a bankruptcy petition, inability to pay is the only available ground. Insolvency Act 1986 Primary legislation governing insolvency law and practice. Nevertheless, many other statues and statutory instruments are also relevant.

For more information see insolvency page

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