A.D. 1865.]
COMPANIES.
[No. 1.
85
neglected to pay such sum or to secure or compound for the same to the reasonable satisfaction of the creditor; or (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;
or
(3.) whenever it is proved to the satisfaction of the Court that the company is unable to pay its debts.
tion for winding-up.
ing application.
129.-(1.) 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, together or separately.
25 & 26 Vict. c. 89 s. 82.
c. 131 s. 40.
(2.) But no contributory of a company under this Ordinance shall be capable of presenting a petition for winding up such company unless-- (a.) the members of the company are reduced in number to less than seven; or
(b.) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him, or have been held by him, and registered in his name, for a period of at least six months during the eighteen months previously to the commencement of the winding-up, or have devolved upon him through the death of a former holder:
Provided that where a share has, during the whole or any part of the six months, been held by or registered in the name of the wife of a contributory, either before or after her marriage, or by or in the name of any trustees for such wife or for the contributory, such share shall, for the purposes of this section, be deemed to have been held by and registered in the name of the contributory.
winding-up order.
130. Every order which may be made on any petition for winding up a company shall operate in favour of all the creditors and of all the contributories of the company in the same manner as if it had been made on the joint petition of a creditor and a contributory.
25 & 26 Vict. c. 89 s. 82.
131. The Chief Justice may do in Chambers any act which the Court is hereby authorized to do.
132. A winding-up of a company by the Court shall be deemed to commence at the time of the presentation of the petition for the winding-up.
Chief Justice. Ib. s. 83.
Commencement of winding-up by the Court. Ib. s. 84.
133.-(1.) The Court may, at any time after the presentation of a petition for winding up a company under this Ordinance and before
restrain proceedings
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