Companies Act 2014 section 1332

Actions stayed on winding-up order

Section 1332 deals with the automatic stay on legal actions against contributories of an unregistered company once a winding-up order has been made.

• Once a court orders the winding up of an unregistered company, legal actions against its contributories for company debts are automatically stayed.
• No new proceedings may be commenced against a contributory in respect of any debt owed by the company.
• The court may grant permission (leave) to proceed with or commence such actions in exceptional circumstances.
• Any permission granted by the court will be subject to whatever terms and conditions the court considers appropriate.