42. Dismissal of pending winding-up petition

Past version: effective from 14/06/2015 - 13/06/2015
To view other versions open the versions tab on the right

(1) A petition for the winding-up of a Company —
(a) shall be dismissed on the making of an administration order in respect of the Company; and
(b) shall be suspended while the Company is in administration following an appointment under Section 21 (Power to appoint).
(2) Subsection (1)(b) does not apply to a petition presented under Section 203 (Petition for winding-up by the Financial Services Regulator).
(3) Where an administrator of a Company becomes aware that a petition was presented under a provision referred to in subsection (2) before his appointment, he shall apply to the Court for directions under Section 95(7) (General powers).