Provisions as to applications for winding-up

(1) An application to the court for the winding-up of a company shall be by petition, presented subject to this section either by the company, or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or contributories, or by all or any of those parties, together or separately, provided that, (a) a contributory shall not be entitled to present a petition for winding-up a company unless, (i) in the case of a company, other than a private company, the number of members is reduced 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 death of 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 except the 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 110 prospective creditor until such security for costs has been given as the court thinks reasonable and until a prima 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 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 supervision cannot be continued with due regard to the interests of the creditors or contributories. CAP. 251. (3) Where a company, being a company to which the Insurance Act applies, is being wound-up voluntarily or subject to supervision, a petition may be presented by the Supervisor of Insurance, 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 supervision cannot be continued with due regard to the interests of the persons holding policies issued by the company. (4) Where under this Part 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 mentioned in paragraph (ii) of proviso (a) to sub-section (1) been held by or registered in the name of the wife, or by or in the name of a trustee 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. (5) The Supervisor of Insurance shall be made a party to any petition under sub-section (1) or (2) for winding-up a company to which the Insurance Act applies. CAP. 251.