Winding-up proceedings: the court takes matters into its own hands
In an unusual move, the High Court recently wound up a credit union on its own motion. Despite some procedural irregularities with the winding-up petition, it was felt that the exceptional facts of this particular case justified the measure.
The case concerned a credit union registered under the Industrial and Provident Societies Act 1965 (those industrial and provident societies that are charities are exempt charities — they cannot register with the Charity Commission but are otherwise subject to charity law). The board of the union petitioned a winding-up order because the union was insolvent as a result of an embezzlement of funds by one of the directors…
If you are registered and logged in to the site, click on the link below to read the rest of the Mills & Reeve briefing. If not, please register or sign in with your details below.
News from The Lawyer
Analysis from The Lawyer
The trend for unbundling legal work is advancing through the law firm ranks but there is still resistance in some quarters - namely in-house. We asked why