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J. Case Illustration

Winding-up scenario

AZ Company owes Mr. C and other vendors a total sum of $500,000. Despite repeated verbal or written demands from those creditors, the company has failed to repay the debts. Mr. C, after chasing AZ Company for 2 two months in respect of his debt of $100,000, plans to institute winding-up proceedings against the company so that he can try to recover at least part of the debt.