Order of winding up by Court

(1) The Court may order the winding-up of a company in accordance with the Companies Act, but subject to this section, sections 65 to 69, and to the condition that the company may be ordered to be wound upwinding-up by CAP. 250. (a) on the petition of ten or more policy holders owning policies of an aggregate sum assured of not less than one million dollars; or (b) on the petition of the Supervisor. (2) A petition shall not be presented except by leave of the Court, and such leave shall not be granted unless– (a) a prima facie case has been established to the satisfaction of the Court; and (b) security for costs for such amounts as the Court may think reasonable has been given. (3) The Supervisor shall be a party to any proceedings under the Companies Act, relating to the winding-up of a company and CAP. 250. 102 the liquidator in such a winding-up shall give the Supervisor such information about the affairs of the company as he may, from time to time, require. (4) A reference in this section to a company shall include a company which has ceased to be licensed under this Act, but remains under any liability in respect of policyholders in Belize. (5) Notwithstanding anything contained in this Act, where a company that is registered or licensed in a jurisdiction outside Belize has a subsidiary in Belize and is being wound-up in that jurisdiction, the Supervisor, upon learning of the winding up– (a) shall investigate whether any policyholders of the subsidiary in Belize are likely to suffer loss as a result of the winding-up; and (b) may institute proceedings for the protection of those policyholders. (6) The Court may grant relief to the policyholders as it thinks fit, and the costs awarded to the Supervisor may be recovered at the Supervisor’s discretion, against the subsidiary or company that is being wound up.