Compulsory winding up of a company can only occur if a...

Compulsory winding up of a company can only occur if a liquidator has been appointed to a company. PZC (or other creditors) would need to enforce its legal obligations in the event NEC was in breach of its legal obligations.

Whilst the loan by PZC to NEC has been written off in PZC half yearly accounts. As per the February announcement, for NEC the repayment date is 21 February 2019, so technically NEC are not (yet) in default (breach) of the loan. Saying that, the company (and it's auditors) have sought to write off the loan, as there are concerns about NEC's ability to repay the funds. Most should already know my feelings about this...