When a creditor with standing presents a winding up petition and the Court is satisfied that the respondent company is unable to pay its debts, the...
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Maroc - HARNEYS.COM - A La Une - 09/Sep 18:16
When can a cross claim be deployed in order to stay or dismiss a creditor petition?
When a creditor with standing presents a winding up petition and the Court is satisfied that the respondent company is unable to pay its debts, the starting position is that the petitioning creditor is entitled to a winding up order as of right (or ex debito justitiae). The burden then falls on the respondent company to show the Court that a winding up order should not be made.
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