Companies Act 2014 section 207

Declaration to be made in the case of members' winding up of solvent company

Section 207 sets out the requirements for the declaration that must be made when a solvent company is being wound up voluntarily by its members under the summary approval procedure.

• The declaration must state the company's total assets and liabilities as at a date no more than 3 months before the declaration is made.
• The declarants must confirm they have fully investigated the company's affairs and believe it can pay all debts and liabilities within a specified period not exceeding 12 months after the winding up begins.
• A copy of the declaration must be filed with the Registrar within 21 days of the winding-up activity commencing.
• If the filing deadline is missed, the court has the power to declare the winding-up activity valid if it considers it just and equitable to do so.