1. From somewhere I have heard about a "summary procedure" for winding up a company having assets of less than $200,000 in value. How does this procedure work?
This procedure applies if, after the presentation of the winding up petition, either the Court is satisfied that the property of the company is not likely to exceed $200,000 in value, or the Official Receiver (or the provisional liquidator) so reports. Upon an order that the company be wound up in a summary manner, there will be no first meeting of creditors and contributories. The provisional liquidator will become the liquidator without a committee of inspection.