Insolvency Act 1986, section 143

General functions in winding up by the court

Part IV Winding Up of Companies Registered under the Companies Acts

(1)The functions of the liquidator of a company which is being wound up by the court are to secure that the assets of the company are got in, realised and distributed to the company’s creditors and, if there is a surplus, to the persons entitled to it.

(2)It is the duty of the liquidator of a company which is being wound up by the court in England and Wales, if he is not the official receiver—

(a)to furnish the official receiver with such information,

(b)to produce to the official receiver, and permit inspection by the official receiver of, such books, papers and other records, and

(c)to give the official receiver such other assistance,

as the official receiver may reasonably require for the purposes of carrying out his functions in relation to the winding up.

Definitions used in section 143 1

the company

2 Section 233B does not apply in relation to a contract for the supply of goods or services to a company (“the company”) where any of paragraphs 3 to 11 applies.

Defined in Sch.4ZZA para.2 · see it in the full Act

Cases considering section 143 24

Official Receiver (Appellant) v. Wadge Rapps & Hunt (a firm) and another and two other actions

[2003] UKHL 49 · 31 July 2003Limits

The provision describes the liquidator’s asset-collection and distribution functions. The House held that these principal functions do not exhaust an office-holder’s statutory functions concerning the company. A liquidator other than the official receiver must furnish information, records and assistance reasonably required for the official receiver’s functions concerning the winding up. Those functions include investigation and disqualification-related functions.

East Riding of Yorkshire Council v KMG SICAV-SIF-GB Strategic Land Fund

[2025] EWCA Civ 1137 · 3 September 2025Defines

The court used section 143(1) to identify court winding up as a process in which a liquidator realises and distributes company assets to creditors and, if applicable, to persons entitled to a surplus. It used that structure to assess whether the Sub-Fund could be wound up. (see paras [61]-[63]; [72]-[74])

The Joint Administrators of LB Holdings Intermediate 2 Ltd v Lehman Brothers Holdings Inc

[2015] EWCA Civ 485 · 14 May 2015Interprets

Section 143(1) is read as requiring a compulsory liquidator to distribute assets to the persons entitled to the surplus only after liabilities, including non-provable liabilities, have been addressed. The court treats the difference from section 107 as drafting history rather than substance (see paras [51], [189]).

4 more judgments, and what each says about section 143, are in the case-law panel in the full Act.

Amendments and notes

5 notes from legislation.gov.uk

Modifications

  1. C404Ss. 142-146 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1 para. 3 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 20)
  2. C405S. 143 applied (with modifications) (1.12.1994) by S.I. 1994/2421, art. 8(3)(9), Sch. 4 Pt. II para. 17
  3. C406S. 143 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2
  4. C407S. 143 applied (with modifications) (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), Pt. 3 reg. 1, Sch. 2 paras. 3, 5 Table (with reg. 24)
  5. C408S. 143 modified (E.W.) (31.1.2019) by The Further Education Bodies (Insolvency) Regulations 2019 (S.I. 2019/138), regs. 1(1), 18 (with regs. 1(2), 3(a)(ii))