Article 167 Early dissolution

(1)

Where an order for the winding up of a company has been made by the High Court, the official receiver, if—

(a)

he is the liquidator of the company, and

(b)

it appears to him—

(i)

that the realisable assets of the company are insufficient to cover the expenses of the winding up, and

(ii)

that the affairs of the company do not require any further investigation,

may at any time apply to the registrar for the early dissolution of the company.

F1(1A)

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(1B)

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(2)

Before making F2that application, the official receiver shall give not less than 28 days' notice of his intention to do so to the company's creditors and contributories and, if there is an administrative receiver of the company, to that receiver.

(3)

With the giving of that notice the official receiver ceases (subject to any directions under Article 168) to be required toperform any duties imposed on him in relation to the company, its creditors or contributories by virtue of any provision of this Order, apart from a duty to make an application under paragraph (1) F3....

(4)

On the receipt of the official receiver's application under paragraph (1) F4... the registrar shall forthwith register it ... and, F5subject to paragraph (7), at the expiration of 3 months from the day of the registration of the application, the company shall be dissolved F6....

F7(5)

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(6)

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F8(7)

The Department may, on the application of the official receiver or any other person who appears to the Department to be interested, give directions under Article 168 at any time before the end of F9that period.

Annotations

Textual amendments

F1: Art. 167(1A)(1B) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(2) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F2: Words in art. 167(2) substituted (31.12.2020) by The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(3) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F3: Words in art. 167(3) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(4) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F4: Words in art. 167(4) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(5)(a) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in art. 167(4) substituted (31.12.2020) by The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(5)(b) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F6: Words in art. 167(4) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(5)(c) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F7: Art. 167(5)(6) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(6) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
F8: Art. 167(7): art. 167(5) renumbered as art. 167(7) (26.6.2017) by The Insolvency Amendment (EU 2015/848) Regulations 2017 (S.I. 2017/702), reg. 1, Sch. para. 105(5)(c) (with reg. 3)
F9: Words in art. 167(7) substituted (31.12.2020) by The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 173(7) (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

Notes on Part V

Textual amendments

F1: Words in Pt. V heading substituted (1.10.2009) by Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), arts. 2(1), 8, Sch. 1 para. 111(2) (with art. 10)

Modifications

C1: Pt. V modified (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 13, 49(1) (with ss. 2(2), 5(2))
C2: Pts. 1-5 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))
C3: Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)