Originally Posted by
Captivep
You wouldn't get very far - the debt has to be at least £750 for a winding up petition.
Not once a CCJ is attached, it can be forced into liquidation (thus wound up) through the continued non-payment, simply by returning the matter to the issuing court. The £750 threshold is for new requests, there aren't limits where unsatisfied CCJ's are concerned and a judge can issue a winding up order on any amount.
Originally Posted by
BirdmanBerry
I've never heard that before, are you sure? CCJ's can be issued for all manor of things, not just down to inability to pay a debt. Being insolvent is when a company has a negative balance sheet.
Absolutely sure. Being insolvent is *not* when a company has a negative balance sheet - indeed a good number of FTSE100 companies would be in serious trouble if that were the case!!!
Insolvency is not having the ability to meet liabilities e.g; debt repayments.
Also, to answer your point about CCJ's they are exclusively a tool of the legal system for handling debt. They are not used for any other purpose.