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(b) A petition for winding up a company on the ground of default in filing the statutory report or in holding the statutory meeting shall not be presented by any person except a shareholder, nor before the expiration of fourteen days after the last day on which the meeting ought to have been held; and
(c) The court shall not give & hearing to a petition for winding up a company by a contingent or prospective creditor until such security for corts has been given as the court thinks rea- souablo and until a primâ fucie case for winding up has been established to the satisfaction of
the court.
(2) Where a company is being wound up voluntarily or subject to supervision a petition may be presented by the official receiver attached to the court, as well as by any other person authorised in that bebalf under the other provisions of this section, but the court shall not make a winding-up order ou the petition nuless it is satisfied that the voluntary winding up or winding up subject to super- vision cannot be contiuned with due regard to the interests of the creditors or contributories,
(3) Where under the provisions of this Part of this Ordinance any person as being the husband of a female contributory is bimself a contributory, and a share has during the whole or any part of the six months been held by or registered in the name of the wife, or by or in the name of a trustee for the wife or for the husband, the abare shall, for the purposes of this section, he deemed to have been held by and registered in the name of the husband.
133. An order for winding up a company shall operate Effect of in favour of all the creditors and of all the contributories of winding-up the company as if made on the joint petition of a creditor order.
Tb, s. 138. and of a contributory.
134. A winding up of a company by the court shall be Commence. deemed to commence at the time of the presentation of the ment of petition for the winding up.
winding up
by court.
& Edw. 7 c. 69 s. 139.
135. At any time after the presentation of a petition Power to for winding up, and before a winding-up order has been stay or re made, the company, or any creditor or contributory, may, ceedings
strain pro- where any action or proceeding against the company is against pealing, apply to the court for a stay of the proceedings or company, to restrain further proceedings in the action or proceeding, 14. §. 140. and the court may, as the case may be, stay or restrain the proceedings necordingly on such terms as it thinks fit.
136.-(1) On hearing the petition the court may dis- Powere of miss it with or without costs, or adjourn the bearing court on
hearing conditionally or unconditionally, or make any interim order, petition. or any other order that it deems just, but the court shall 7. 141. not refuse to make a winding-up order on the ground only that the assets of the company have been nuortgaged to an amount equi to or in excess of those assets, or that the company has 10 HSSÉIS,
12) Where the petition is presented on the ground of default in filing the statutory report or in holding the statutory meeting, the evart my ander the costs to be pahl by any persons who, in the opinion of the court, are rosponsible for the defanit,
Actions
187. When a winding-up onder has been made. no action or proceeding shati bo proveeded with or commenced stage on against the company except by leave of the court, and sub- winding-up jeer to such terms as the court may impose.
orter. Tb. a. 142.
188. On the making of a winding-up order, a copy of Copy of the order must forthwith be forwarded by the company to order to be the registrar of companies, who shali make a minute thereof forwarded to in his hooks relating to the company,
189. The court muy at any time after an order for winding up, on the application of any creditor or contribu- rory, and on proof to the satisfaction of the court that all proceedings in relation to the winding up ought to he
registrar.
b. a. 143.
Power of court to stay winding up. [b. s. 144.
Court may have regard
to wishes of creditors or contrilin- tories.
Ib. 8. 145.
Definition
of official receiver.
7h, s. 146.
Statement of company's affairs to be submitted to official receiver.
Zb. s. 147.
Report by official receiver.
8 Edw. 7 e.
49. 148.
51
www.
stayed, make an order staying the proceedings, either altogether or for a limitel fine, ou such terms and con- ditions as the court thinks fit.
140. The court may, ns to all matters relating to a winding up, have regard to the wishes of the creditors or contributories as proved to it by any sullicient evidence.
Official Receiver.
141.-()) For the purposes of this Ordinance so far as it relates to the winding up of companies by the court the rerm "official receiver" shall mean the official receiver, if any, attached to the court for bankruptcy purposes, or, if there is more than one such otheial receiver, then aneh, one of them as the Governor may appoint, or, if there is no such official receiver, then an officer appointed for the purpose by the Governor.
(2) Any suel officer shall for the purpose of his duties under this Ordinance be styled the official receiver.
142.-(1) Where the court has made a winding-up order, there shall he made out and submitted to the official receiver a statement as to the alltira of the company in the prescribed form, verified by affidavit, and showing the particulars of its assete, debts, and liabilities, the names, residences, and occupations of its creditors, the securities held by them respectively, the dates when the securities were respectively given, and such farther or other informa- tion as may be prescribed or as the official receiver may require.
(2) The statement shall be submitted and verified by one or more of the persons who are at the time of the winding-up order the directors and by the person who is at that the the secretary or other chief officer of the com- pany, or by such of the persons being or having been directors or officers of the company, or having taken part in the formation of the company at any time within one year before the winding-up order, as the official receiver, subject to the direction of the court, may require to submit and verify the same.
(3) The statement shall be submitted within twenty-eight days from the date of the order, or within such extended time as the official receiver or the court may for special rensons appoint.
(4) Any person making or coneuring in making the statement and affidavit required by this section ahall be allowed, and shall be paid by the official receiver, out of the assets of the company, such costs and expenses in- curred in and about the preparation and making of the statement and affidavit as the official receiver may consider reasonable, subject to an appoal to the court.
(5) If any person, without reasonable excuse, makes default in complying with the requirements of this section, he shall be liable to a fine not exceeding one hundred dollars for every day during which the default continues.
f
(6) Any person stating himself in wrhing to he ereditor or contributory of the company shall be entitled by himself or by his agent at all reasonable times, on payment of the prescribed fee, to inspect the statement submitted in pursuance of this section, and to a copy thereof or extract itherefrom. But any person unirathfully so stating himself to be a creditor or contributory shall be guilty of a con- empt of sourt and shall be punishable accordingly on the application of the liquidator or of the official receiver.
148(1) Where the court has made a winding-up order, the official receiver shall, as soon as practicable after receipt of the statement of the company's affairs, submit a prelimilanry report to the court—
() as to the amount of capital issued, subscribed, and paid up, and the estimated amount of assets and liabilities; and
(6) if the company has failed, as to the causes of
the failure; and
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