LIQUIDATION OF COMPANIES(a) Methods of Winding Up:
A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the supervision of court.Grounds for compulsory winding up:A company may be wound up by the court under s.219 if:The company so resolves by special resolution, The number of members fall below seven, or two if a private company tetc.
Persons Who May Petition:A petition may be presented by any of the following: A Creditor, A Contributory, The Official, The Company Receiver.The Petition:
The petition must be in the prescribed form and verified by affidavit, and must be advertised in the Gazette and a local paper seven clear business days before the hearing. Interim Liquidator:
An application to the court for such an appointment (usually of the O.R.) may be made at any time between presentation and hearing, especially if the assets are in jeopardy s.235: he takes control of all the company's property and no legal proceedings can thereafter be begun or continued against the company without leave of the court s.228.