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You are here: BAILII >> Databases >> The Law Commission >> SHAREHOLDERS REMEDIES [1997] EWLC 246(APPENDIX G) (24 October 1997) URL: http://www.bailii.org/ew/other/EWLC/1997/246(APPENDIX_G).html Cite as: [1997] EWLC 246(APPENDIX G) |
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1990 PRACTICE DIRECTION (CH D)
(COMPANIES COURT: CONTRIBUTORY'S PETITION)
1. Practitioners attention is drawn to the undesirability of including as a matter of course a prayer for winding up as an alternative to an order under section 459 of the Companies Act 1985. It should be included only if that is the relief which the petitioner prefers or if it is considered that it may be the only relief to which he is entitled.
2. Whenever a prayer for winding up is included in a contributorys petition, the petition shall include a statement whether the petitioner consents or objects to an order under section 127 of the Insolvency Act 1986 in the standard form, and if he objects the affidavit in support shall contain a short statement of his reasons.
3. If the petitioner objects to a section 127 order in the standard form but consents to such an order in a modified form, the petition shall set out the form of order to which he consents, and the affidavit in support shall contain a short statement of his reasons for seeking the modification.
4. If the petition contains a statement that the petitioner consents to a section 127 order, whether in the standard or a modified form, but the petitioner changes his mind before the first hearing of the petition, he shall notify the respondents and may apply on notice to a judge for an order directing that no section 127 order or a modified order only (as the case may be) shall be made by the registrar, but validating dispositions made without notice of the order made by the judge.
5. If the petition contains a statement that the petitioner consents to a section 127 order, whether in the standard or a modified form, the registrar shall without further inquiry make an order in such form at the first hearing unless an order to the contrary has been made by the judge in the mean time.
6. If the petition contains a statement that the petitioner objects to a section 127 order in the standard form, the company may apply (in cases of urgency ex parte) to the judge for an order.
"ORDER that notwithstanding the presentation of the said petition
(1) payments made into or out of the bank accounts of the company in the ordinary course of the business of the company and
(2) dispositions of the property of the company made in the ordinary course of its business for proper value
between the date of presentation of the petition and the date of judgment on the petition or further order in the mean time shall not be void by virtue of the provisions of section 127 of the Insolvency Act 1986 in the event of an order for the winding up of the company being made on the said petition."
By direction of the Vice-Chancellor
22 February 1990
