Had two people forward me this Notice to Wind Up [Moopay Ltd] yesterday:

Notice of the Petition was published in The Gazette on November 6, 2014. From the posting, it looks like the Syscoin folks filed their Petition on October 22, 2014 and have hearing about it on December 8, 2014.

Petitions to Wind up a Company can be used to start the insolvency process by a creditor of the Company. In other words, a person can file one of these petitions if a company owes them money and cannot pay their debts. If a Petition is granted, then a Court will order that the assets of a company be sold to pay its debts. The process is managed by a court appointed receiver.

If you’re owed money by MooPay, Ltd., then you need to file creditor’s a claim HERE.

You’ll recall that AG stated that MooPay was bankrupt on October 14, 2014.

To voluntarily enter insolvency proceedings, a company must pass a winding up resolution (Insolvency Act, Sec. 84), publish notice in The Gazette (Insolvency Act, Sec. 85), and appoint a liquidator. However, when a debtor fails to pay a creditor, the creditor can start winding up proceedings against the debtor by filing a Petition to Wind up a Company with the court as Syscoin did. Whether its a voluntary or involuntary petition, notice is published in The Gazette.