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…
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