See All Glossary Terms

Related Glossary Terms

Case studies

"We couldn't do as good a job as we do without it. LexisNexis gives us the security and confidence that we are best serving our clients because the information we are working on is the most accurate we can get"

Avensure

Access all 227 documents on Winding up

GET ACCESS NOW

GLOSSARY

Winding up definition

Published by a LexisNexis Pensions expert

What does Winding up mean?

The process of terminating an occupational pension scheme.

The assets of the scheme are usually applied to the purchase of immediate annuities and deferred annuities for the beneficiaries, or all of the scheme's assets and liabilities are moved to another pension scheme.

Speed up all aspects of your legal work with tools that help you to work faster and smarter. Win cases, close deals and grow your business–all whilst saving time and reducing risk.

Legal risk management checklist—in-house legal team

Legal risk management checklist—in-house legal team Legal operations risks This section covers risks arising out of the operation of the legal department. People and skills Action point Comments (if any) ☐ Document the management structure of the legal team, eg by means of a role profile for each team member setting out:—reporting lines—responsibilities of individuals (Insert any comments) ☐ Map the legal team’s skills to the needs of the organisation:—consider what key projects and day-to-day issues the organisation will need legal support on in the next 12 months—identify the skills required to meet those needs—identify the services the legal department wishes to offer—identify the client groups to be served within the organisation—specify the way in which services will be delivered—determine what reports are required by the business, the purpose of such reports, their frequency and to whom they are to be delivered (Insert any comments) ☐ Check the organisation’s processes and make suitable arrangements to reflect the needs of the legal department in respect of:—the identification and provision of...

Key IP considerations in R&D agreements—checklist

Key IP considerations in R&D agreements—checklist Using this Checklist This Checklist focuses on the IP aspects of R&D agreements and identifies the key terms typically included in an R&D agreement. This document can be used as a checklist of issues to consider when drafting, reviewing or negotiating such agreements. Key competition law considerations are also considered. However, an individual assessment will need to be conducted as to whether an agreement’s IP provisions are compatible with competition law, particularly the prohibitions against anti-competitive agreements under Article 101(1) of the Treaty on the Functioning of the European Union (TFEU) and Chapter I of the Competition Act 1998 (CA 1998). On 1 June 2023, the European Commission adopted the EU Research & Developments Block Exemption, Commission Regulation (EU) 2023/1066 (EU R&D BER) and the accompanying Horizontal Guidelines. The EU R&D BER entered into force on 1 July 2023 and will expire on 30 June 2035. On 5 December 2022, the UK government laid before Parliament the Competition Act 1998 (Research and Development...

Discover our 6 Checklists on Winding up

Funding an employee benefit trust

Funding an employee benefit trust This Practice Note covers the following issues in relation to the funding of an employee benefit trust (EBT): • practical aspects of funding an EBT • financial assistance—the background • financial assistance—the current position • relevance of financial assistance to EBTs • financial assistance—exemptions • the employees’ shares scheme exemption • consequences of non-compliance of the financial assistance provisions • tax implications for close companies which fund EBTs, and • corporation tax relief in respect of EBT funding Practical aspects of funding an EBT When an EBT is first set up, it needs to be provided with initial financing, as a trust cannot exist without initial trust assets. It is common for a nominal amount, for example £100, to be settled on the trustee in order to establish the EBT (for further details, see Practice Note: Setting up an EBT). However, after the EBT has established, other funding can be provided. This may be by way of: • voluntary contribution • loan...

The Pension Protection Fund—eligibility and entry

The Pension Protection Fund—eligibility and entry Requirements for PPF entry The requirements for a scheme to enter the PPF are: • the scheme must be an eligible scheme—see: What schemes are eligible? below • either: ◦ a qualifying insolvency event must occur in relation to a scheme employer—see: What is a qualifying insolvency event? below, or ◦ the employer is unlikely to continue as a going concern and it meets the conditions in SI 2005/590, reg 7—see: Alternative route to PPF entry, below • the insolvency practitioner in relation to the employer must confirm that a scheme rescue is not possible—see: Duty of insolvency practitioner to issue notices confirming status of scheme (section 122 notices), and • the assets of the scheme must be less than the 'protected liabilities' (broadly, the benefits that would be payable to members by the PPF)—see: Protected liabilities, below The statutory provisions regarding the eligibility of schemes for entry into the PPF are contained in: • sections 120–168 of the Pensions Act...

Discover our 119 Practice Notes on Winding up

Distribution agreement—non-exclusive—short form

Distribution agreement—non-exclusive—short form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales • has the meaning given in Article 8(7) of VABEO; Affiliate • means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where “control” means the beneficial ownership of...

Precedent signing and closing memorandum for a commercial mortgage-backed securities transaction

Precedent signing and closing memorandum for a commercial mortgage-backed securities transaction A Signing and Closing Memorandum is required to assist the smooth execution of a complex transaction. This precedent signing and closing memorandum sets out steps to be taken in order to close a commercial mortgage-backed securities (CMBS) transaction. Additional documents or steps may be required depending on the specific transaction. [ISSUER] [CURRENCY][AGGREGATE AMOUNT] CLASS [A] NOTES DUE [•] AND [CURRENCY] [AGGREGATE AMOUNT] CLASS [B] NOTES DUE [•] (THE NOTES) SIGNING AND CLOSING MEMORANDUM 1 Parties involved in the transaction THE PARTIES Issuer [●] Holdings [●] Originator [●] Arranger [●] Manager [●] Trustee [●] Security Trustee [●] Paying Agent [●] Account Bank [●] Cash Manager [●] Servicer [●] Special Servicer [●] Swap Counterparty [●] Liquidity Facility Provider [●] Registrar [●] Corporate Services Provider [●] [Listing Agent] [●] Listing Authority [●] Stock Exchange [●] [Rating Agencies] [●] Euroclear Euroclear Bank SA Clearstream Clearstream Banking, societe anonyme Common Depositary [●] Auditor [●] Valuer [●] Issuer's Counsel...

Dive into our 82 Precedents related to Winding up

Do the English property and assets of a dissolved overseas company pass to the Crown as bona vacantia?

Do the English property and assets of a dissolved overseas company pass to the Crown as bona vacantia? When a company registered in England and Wales is dissolved, all property and rights vested in or held on trust for it (including leasehold property) will be deemed bona vacantia (meaning ‘ownerless property’) at the date of dissolution and will vest in and belong to the Crown (or the Duchy of Lancaster or Duchy of Cornwall, as may be appropriate). The treatment of companies incorporated outside the UK (overseas companies) is dealt with in Part 34 of the Companies Act 2006 (CA 2006), which gives the Secretary of State power to make regulations to impose on overseas companies various registration, reporting and disclosure requirements. The two principal regulations dealing with overseas companies are: • the Overseas Companies Regulations 2009, SI 2009/1801 • the Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009, SI 2009/1917, as amended by the Overseas Companies (Execution of Documents and Registration of...

Once a public limited company has been converted to an Societas Europaea is it the same legal entity?

Once a public limited company has been converted to an Societas Europaea is it the same legal entity? A Societas Europaea (SE) is a public limited liability company (PLC) governed by the law of the Member State in which it has its registered office. An SE may be formed in a number of ways: by merger, as a holding company, as a subsidiary or by conversion from an existing public limited company. The provisions relating to the conversion of an existing PLC into an SE are set out in Article 37 of Council Regulation 2157/2001/EEC. As provided in Article 37(2) of Council Regulation 2157/2001/EEC, ‘the conversion of a public limited-liability company into an SE shall not result in the winding up of the company or in the creation of a new legal person’. Before the transformation can take effect, the PLC must prepare draft terms of conversion along with an explanatory report and present them for approval to a general meeting of shareholders. The explanatory report

See the 8 Q&As about Winding up

Insolvency Service announces winding up order against Kent renewable energy retailer

The Insolvency Service has announced a High Court winding up order against Renugen Limited, a Kent-based renewable energy products retailer, following an investigation. The order was issued after investigators identified £74,570 in undelivered orders affecting 34 customers, with only £15,265 refunded. The investigation revealed the company had continued trading while reporting no activity between 2021-2023, conducted £48,000 in unexplained cryptocurrency transactions (unrelated to renewable energy products), and had six business bank accounts, of which two had been closed due to scam complaints. The Official Receiver has been appointed as liquidator of the company.

Supreme Court confirms that section 213 of the Insolvency Act 1986 is not restricted to those involved in the management or control of the company’s business (Bilta (UK) Ltd (in liquidation) and others v Tradition Financial Services Ltd; Nathanael Eurl Ltd (in liquidation) and another v Tradition Financial Services Ltd)

The Supreme Court unanimously dismissed both appeals. Applying ordinary principles of statutory interpretation, the court affirmed that the language of section 213 of the Insolvency Act 1986 (IA 1986) does not restrict liability to those involved in the management or control of the company’s business such as directors or managers, but could very well apply to someone routinely transacting with the company in the knowledge that the company was carrying on a fraudulent business. In addition, the court held that where claimant companies had been struck off and then later restored to the register, the deemed existence of the claimant companies during the period in which they were in fact in dissolution did not necessitate assuming that they lacked directors or other officers during that time. That was a question of probability to be determined on the evidence: the burden of proof was on the claimant companies and they had failed to discharge it. Accordingly, the dishonest assistance claim remained time-barred. Andrew Westwood KC, barrister practising from Maitland Chambers, comments...

Read the latest 18 News articles on Winding up