Winding up: stay of winding-up proceedings for arbitration

In an important decision of the Privy Council, Sian Participation Corp v Halimeda International Ltd [2024] UKPC 16; [2024] 2 Lloyd's Rep 65, it has been ruled that the previous practice of the Companies Court in staying a petition for winding up where there is an arbitration clause in the contract between the petitioner and the alleged debtor is incorrect where there is no genuine defence to the claim on which the petition is based.

Sian Participation: the facts