17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 49

Provisions

as to applica- tions for

winding up. 8 Edw. 7 c. 69 s. 137.

Effect of winding-up order. Ib. s. 138,

up

498

served on the company, by leaving the same at its registered office, a demand under his hand requiring the company to pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or com- pound for it to the reasonable satisfaction of the ereditor: or

(i) if exeention or other process issued on a judg- ment decree or order of any court in favour of a creditor of the company is returned unsatis- fied in whole or in part; or

(ii) if it is proved to the satisfaction of the court that the campany is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.

131.-(1) An application to the court for the winding of a company shall be by petition, presented subject to the provisions of this section either by the company, or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or tributories, or by all or any of those parties, together or separately: Provided thai-

con-

(67) A contributory shall not be entitled to present a petition for winding up a company unless-

(i) 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 months during the eighteen months before the commencement of the winding up, or have devolved on him through the deathof a former holder; and (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 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 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 behalf under the other provisions of this section, but the court, shall not make 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 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 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.

132. An order for winding up a company shall operate in favour of all the creditors and of all the contributories of the company as if made on the joint petition of a creditor and of a contributory.