Winding-up and dissolution of company unable to pay its claims, etc

(1) Where– (a) the directors or, as the case may be, the members of a company that is required under section 97 or permitted under section 98 to wind-up and dissolve, at the time of the passing of the resolution to wind-up and dissolve the company, have reason to believe that the company will not be able to pay or provide for the payment of or discharge all claims, debts, liabilities and obligations of the company in full; or (b) the liquidator after his appointment has reason so to believe, then, the directors, the members or the liquidator, as the case may be, shall immediately give notice of the fact to the (2) Where a notice has been given to the Registrar under sub-section (1), all winding-up and dissolution 112 proceedings after the notice has been given shall be in accordance with the provisions of the Companies Act, relating to winding-up and dissolution and those provisions shall apply mutatis mutandis to the winding-up and dissolution of the CAP. 250. CAP. 250.