Provision 68
to married
women.
8 Edw. 7 c. 60 s. 128.
Circuni- stances in which com- pany may be wound up by court.
Ib. s. 129.
Company
when deemed un- able to pay its debts. Jh. s. 180,
Provisions
tions for
winding up.
Ib. s. 137.
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(2) there may be proved against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.
129.-(1) Tho husband of a female contributory married before the first day of January, 1883, shall, during the continuance of the marriage, he labic, as respects any liability attaching to any shares acquired by her before that date, to contribute to the assets of the company the same sum as she would have been liable to contribute if she bad not married, and he shall be a contributory accordingly.
(2) Subject as aforesaid, nothing in this Ordinance shall affect the provisions of the Married Women's Property Ordinance, 1906, or the Married Women's Property Amendment Ordinance, 1907.
Winding up by Court.
130. A company may be wound up by the court-
() if the company has by special resolution resoíved that the company be wound up by the court : (i) if default is made in filing the statutory report
er in holding the statutory meeting : (Vi) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year:
(ze) if the number of monkers is reduced, in the care of a private company, below two, or, in the case of any othee company, below soven : (e) if the company is unable to pay its debts: () if the court is of opinion that it is just and equi-
table that the company should be wound up."
131. A company shall be deemed uable to pay its debts--- () if a creditor, by assignment or otherwise, to whom the company is indebted in a sum ex- ceeding five hundred dollars theu duc. has served on the company, by leaving the same at its registered offee, a demand under his baud requiring the company to pay the sun so dne and the company has for two months thereaf- ier neglected to pay the sun, or to secure or ecmpound for it 10 the reasonable satisfaction of the creditor; or
(i) if executio, or ether provess issued on a judg
ment degree or order of any court in favour of a creditor of the company is returned unsatis- fed in whole or in part; o
(ii) If it is proved to the satisfaction of the court that the company is unable to pay its debts, and, in determining whether a company is onable to pay its debts, the court shall take into acconut the cuingent and prospective liabilities of the company.
132. (1) An application to the court for the winding
as to applica- up of a company shall be by petition, presented subject to the provisions of this section either by the company, or by creditor or creditors (including any contingent or Rny prospective creditor or creditors), contributory or tributories, or by all or any of those parties, together or separately: Provided that-
con-
() A contributory slidl not be entitled to present a petition for winding up a company nuless-
(1) either the number of members is re- duced, in the case of a private company, below two, or, in the case of any other company, below seven; or
(ii) 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 at least six mouths during the eighteen months before the commencement of the winding up, or have devolved on him through the death of a former holder and;
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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 ho 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 a hearing to a petition for winding up a company by a contingent or prospective creditor until such security for costs has been given as the court thinks rea- sonable and until a primâ facie 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 super visión a petition may be presented by the official receiver attached to the court, as well as by any other person authorised in that behalf under the other provisions of this section, but the court shall not unko a winding-up order on the petition unless it is satisfied that the voluntary winding up or winding up subject to super- vision cannot be continued 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 himself a contributory, and a share bas 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 trustec for the wife or for the husband, the share shall, for the purposes of this section, be deemed to have been held by and registered in the name of the husband.
133. Au 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. and of a contributory.
S Elw. 7 c. 69 6. 138.
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
winding up petition for the winding up.
by court. Jh. 6. 139.
135. At any time after the presentation of a potition rower to for winding up, and before a winding-up order has been stay or re- made, the company, or any creditor or contributory, may, strain pro- where any action or proceeding against the company is ceedings
against pending, apply to the court for a stay of the proceedings or company, to restrain further proceedings in the action or proceeding, 7. s. 110. and the court may, as the case may be, stay or restrain the proceedings accordingly on such terms as it thinks bit.
b. s. 141.
136.-(1) On hearing the petitiou the court may dis- Powers of miss it with or without costs, or adjourn the hearing court on conditionally or unconditionally, or make any interim order, bearing or any other order that it deenis just, but the court shall petition. not refuse to make a winding-up order on the ground only that the assets of the company have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets,
(2) Where the petition is presented on the ground of default in filing the statutory report or in holding the statutory meeting, the court may order the costs to be paid by any persons who, in the opinion of the court, are responsible for the default.
137. When a winding-up order has been made, no Actions action or proceeding shall be proceeded with or commenced stayed un against the company except by leave of the court, and sub- winding-up jeet to such ternis as the court may impose.
order. 2b, s. 142.
onier to be
138. On the making of a winding-up order, a copy of Copy at the order must forthwith be forwarded by the company to forwarded to the registrar of companies, who shall make a minute thereof registrar. in his books relating to the company.
Tb. s. 143.
139. The court may at any time after an order for Power of winding up, on the application of any creditor or contribu- cont to stay tory, and on proof to the satisfaction of the court that all winding up. proceedings in relation to the winding up ought to be
76, s. 144.
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