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Company when deemed unable to pay its debts.
Application for winding-up to be made by petition.
ORDINANCE No. 1 of 1865.
Companies, &c. (Part IV. Winding-up.)
(2.) Whenever the company does not commence its business within a year from its incorporation, or suspends its business for the space of a whole year:
(3.) Whenever the members are reduced in number to less than seven:
(4.) Whenever the company is unable to pay its debts:
(5.) Whenever the Court is of opinion that it is just and equitable that the company should be wound up.
79. (78.) A company under this Ordinance shall be deemed to be unable to pay its debts,
(1.) Whenever a creditor, by assignment or otherwise, to whom the company is indebted, at Law or in Equity, in a sum exceeding two hundred dollars then due, has served on the company, by leaving the same at their registered office, a demand under his hand requiring the company to pay the sum so due, and the company has for the space of three weeks succeeding the service of such demand, neglected to pay such sum, or to secure or compound for the same to the reasonable satisfaction of the creditor:
(2.) Whenever execution or other process issued on a judgment, decree, or order obtained in any Court in favour of any creditor, at Law or in Equity, in any proceeding instituted by such creditor against the company, is returned unsatisfied in whole or in part:
(3.) Whenever it is proved to the satisfaction of the Court that the company is unable to pay its debts.
80. (79.) Any application to the Court for the winding-up of a company under this Ordinance shall be by petition; it may be presented by the company, or by any one or more creditor or creditors, contributory or contributories of the company, or by all or any of the above parties, such together or separately; and every order which may be made on any petition shall operate in favour of all the creditors and all the contributories of the company in the same manner as if it had been made upon the joint petition of a creditor and a contributory.
tories of the company it