Commentary on the Sections: Part 1 Termination: voluntary winding-up Section 43: Winding-up resolution
96.Section 43 provides that, for any winding-up resolution to be effective, there must have been a declaration of solvency by the directors in a specified form (so that the winding up will be commenced as a members’ voluntary winding up rather than a creditors’ voluntary winding up) and that a termination statement resolution (agreeing the details of the termination and disposition of assets) should have been passed, with at least 80% of the members voting in favour.