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1. A petition was presented on the 1st May 1987 to wind up Right Time Construction Company Limited (Right Time) on the grounds that it was insolvent and unable to pay its debts. A winding up order was made on the 2nd June 1987 when the official receiver was appointed to be the provisional liquidator. On the 23rd July 1987, three partners in the firm of accountants Ernst & Whinney were appointed to be joint liquidators.