Companies.
Cases in which Company may be wound up by Court.
162. A company may be wound up by the court if—
[CAP. 32
Circum-stances in which a company may be wound up by court
c. 23, s. 168.
(a) the company has by special resolution resolved that the company be wound up by the court;
(b) default is made in delivering the statutory report to the Registrar or in holding the statutory meeting;
(c) the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;
(d) the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven;
(e) the company is unable to pay its debts;
(f) the court is of opinion that it is just and equitable that the company should be wound up.
[163
Definition of inability to pay debts.
c. 23, s. 169.
163. A company shall be deemed to be unable to pay its debts—
(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding five hundred dollars then due, has served on the company, by leaving it at the registered office of the company, 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 compound for it to the reasonable satisfaction of the creditor; or
(b) if execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(c) 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 unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.
[164
Petition for Winding Up and Effects thereof.
164. (1) An application to the court for the winding up of a company shall be by petition, presented subject to
Provisions as to applications for winding up.
19 & 20 Geo. 5, c. 23, s. 170.
121
Companies.
Cases in which Company may be wound up by Court.
162. A company may be wound up by the court if—
[CAP. 32
Circum- stances in
pany may be wound up by court
c. 23, s. 168.
(a) the company has by special resolution resolved that which com-
the company be wound up by the court; (b) default is made in delivering the statutory report 19 & 20 Geo. 5.
to the Registrar or in holding the statutory meeting; (c) the company does not commence its business within a year from its incorporation, or suspends its busi- ness for a whole year;
(d) the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven;
(e) the company is unable to pay its debts;
(f) the court is of opinion that it is just and equitable
that the company should be wound up.
[163
of inability to pay debts.
c. 23, s. 169.
163. A company shall be deemed to be unable to pay its Definition debts-
(a) if a creditor, by assignment or otherwise, to whom 19 & 20 Geo. 5.
the company is indebted in a sum exceeding five hundred dollars then due, has served on the com- pany, by leaving it at the registered office of the company, 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 compound for it to the reason- able satisfaction of the creditor; or
(b) if execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(c) 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 unable to pay its debts, the court shall take into account the con- tingent and prospective liabilities of the company.
[164
Petition for Winding Up and Effects thereof.
164. (1) An application to the court for the winding up of a company shall be by petition, presented subject to
Provisions cations for
as to appli-
winding up.
19 & 20 Geo. 5, c. 23, s. 170.
121
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