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- Insolvency
- Winding up
Pooling
Where two or more failed companies are related and hold property or carried on business in common, their administration can be combined into one by either:
- • a pooling determination by the liquidators involved, followed by approval by a majority in number and 75% in value of those attending or represented at a meeting of creditors of each company concerned; or
- • a pooling order by the court.
The effect of either is to merge the assets of the companies, to eliminate inter-company debts and to make the creditors of each creditors of the pooled group, with special provision for secured creditors. The effect can be varied by the determination or order, or subsequently and the court has wide powers to alter the effect of either a determination or an order at any time.
See Pooling.
