Legal Question in Business Law in United Kingdom

Re: winding up

An overseas Company may be wound up in England if it unable to pay its debts (ie it fails to satisfy a Statutory Demand in respect of a debt of more than �750) if the court is satifieds on three points

The three requirements for the winding up of a foreign company, are sufficient connection with England, that there will be benefit from a winding-up order and supervision by the court will assist the realization of assets etc.

Following the adoption into British Insolvency Law of The UNCITRAL (UN Commission on International Trade Law) Model Law on cross-border insolvency which the US has also adopted it may of assistance in progressing claims against assets in the US to start uk insolvency proceedings as the code requires foreign courts to give assistance to to "office Holders" ie insolvency practioners.

Whether the English court will grant a winding up order would need to be the subject of further detailed advice. Insolvency procedings can be expensive and the US company may be more also be reponsive to a conventional claim.