Section 367(3)

On such a petition, the court may wind up the body if— . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the body is unable to pay its debts within the meaning of section 123 or 221 of the 1986 Act (or Article 103 or 185 of the 1989 Order); or the court is of the opinion that it is just and equitable that it should be wound up.

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Source: legislation.gov.uk · retrieved 2026-09-04