No. 58 of 1911.
2147
133. 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.
Effect of winding-up order. 8 Edw. 7 c. 69 s. 138.
134. 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 by Court.
Commencement of winding up. ib. s. 139.
135. At any time after the presentation of a petition for winding up and before a winding up order has been made, the company, any creditor or contributory, may, where any action or proceeding against the company is pending, apply to the Court for a stay of proceedings or to restrain further proceedings in the action or proceeding, and the Court may, as the case may be, stay or restrain proceedings accordingly on such terms as it thinks fit.
Power to stay or restrain proceedings against company. ib. s. 140.
Court on ib. s. 141.
136.-(1) On hearing the petition the Court may dismiss it with or without costs, or adjourn the hearing conditionally or unconditionally, or make any interim order, or any other order that it deems fit, but the Court shall 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.
Powers of hearing petition. ib. s. 141.
137. When a winding-up order has been made, no action or proceeding shall be proceeded with or commenced against the company except by leave of the Court, and subject to such terms as the Court may impose.
Actions stayed on winding-up order. ib. s. 142.
138. On the making of a winding-up order, a copy of the order must forthwith be forwarded by the company to the Registrar of Companies, who shall make a minute thereof in his books relating to the company.
Copy of order to be forwarded to Registrar. ib. s. 143.
139. The Court may at any time after an order for winding up, on the application of any creditor or contributory, and on proof to the satisfaction of the Court that all proceedings in relation to the winding up ought to be stayed, make an order staying the proceedings.
Power of court to stay winding up. ib. s. 144.
COMPANIES.
No. 58 of 1911.
2147
133. An order for winding up a company shall operate in favour Effect of all the creditors and of all the contributories of the company as if de on the joint petition of a creditor and of a contributory.
winding-up order. 8 Edw. 7
c. 69 s. 138.
ment of
134. A winding up of a company by the Court shall be deemed Commence- commence at the time of the presentation of the petition for the nding up.
winding up by Court. ib. s. 139.
stay or re-
135. At any time after the presentation of a petition for winding Power to
and before a winding up order has been made, the company, strain pro- any creditor or contributory, may, where any action or proceed- ceedings
against 5 against the company is pending, apply to the Court for a stay of company. › proceedings or to restrain further proceedings in the action or >ceeding, and the Court may, as the case may be, stay or restrain → proceedings accordingly on such terms as it thinks fit.
ib. s. 140.
Court on
ib. s. 141.
136.-(1) On hearing the petition the Court may dismiss it with Powers of without costs, or adjourn the hearing conditionally or uncondi- hearing nally, or make any interim order, or any other order that it deems petition. st, but the Court shall not refuse to make a winding-up order on e ground only that the assets of the company have been mort- ged to an amount equal to or in excess of those assets, or that the mpany has no assets.
(2) Where the petition is presented on the ground of default in ing the statutory report or in holding the statutory meeting, the urt may order the costs to be paid by any persons who, in the inion of the Court, are responsible for the default.
137. When a winding-up order has been made, no action or pro- Actions
stayed on eding shall be proceeded with or commenced against the company winding-up cept by leave of the Court, and subject to such terms as the Court order.
y impose.
ib. s. 142.
Copy of forwarded to Registrar.
order to be
138. On the making of a winding-up order, a copy of the order ust forthwith be forwarded by the company to the Registrar of ›mpanies, who shall make a minute thereof in his books relating . s. 143.
the company.
Power of
139. The Court may at any time after an order for winding up, court to stay the application of any creditor or contributory, and on proof to winding up. e satisfaction of the Court that all proceedings in relation to the ib. s. 144. inding up ought to be stayed, make an order staying the proceed-
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