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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 211

Definition of inability to pay debts.

211. A company shall be deemed to be unable to pay its debts

(a)if a creditor, by assignment or otherwise, to whom the company is indebted
in a sum exceeding [#200] then due has served on the company, by leaving it at
the registered office of the company, a demand under his hand requiring
the company to pay the sum so due and the company has for three weeks
thereafter neglected to pay the sum or to secure or compound for it to the
reasonable satisfaction of the creditor; or

(b)if, in ... England, execution or other process issued on a judgment, decree
or order of any court in favour of a creditor of the company is returned
unsatisfied in whole or in part; or

(c)if, in Scotland, the induci' of a charge for payment on an extract decree,
or an extract registered bond, or an extract registered protest have expired
without payment being made; or

(d)if it is proved to the satisfaction of the court that the company is unable
to pay its debts, and, in determining whether a company is unable to pay its
debts, the court shall take into account the contingent and prospective
liabilities of the company.

Provisions as to applications for winding up.

© 1960 Crown Copyright

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