1964_COMPANIES_ORDINANCE — Page 88

198

CAP. 32]

12061975829(3). Definition of inability to pay debts.

1929 c. 23, s. 169.

Provisions as to applications for winding up.

1929 c. 23, s. 170.

Companies

[1984 Ed.

alter the conditions contained in its memorandum by adding a condition to the effect that the company shall be dissolved on the occurrence of a specified event, with or without a provision providing for or prohibiting the alteration of that condition:

Provided that, if an application is made to the court for any such alteration to be cancelled, the alteration shall not have effect except in so far as it is confirmed by the court.

(4) Subsections (2)(a), (3), (4), (7) and (8) of section 8 shall apply in relation to any such alteration and to any application under subsection (3) as they apply in relation to alterations and to applications made under that section.

(Replaced, 6 of 1984, s. 130)

178. 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 $5,000 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 3 weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; or (Amended, 81 of 1976, s. 2)

(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.

(a).

Petition for Winding Up and Effects thereof

179. (1) An application to the court for the winding up 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 contributories or the trustee in bankruptcy or the personal representative of a contributory, or by all or any of those parties, together or separately: (Amended, 6 of 1984, s. 131)

Provided that—

(a) a contributory shall not be entitled to present a winding-up petition unless-

(i) the number of members is reduced below 2; or (Replaced, 6 of 1984, s. 131)