ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART X - WINDING UP

DIVISION 2 - WINDING UP BY THE COURT

Subdivision (1) - General

Section 221. Powers of Court on hearing petition.

(1) On hearing a winding up petition the Court may dismiss it with or without costs or adjourn the hearing conditionally or unconditionally or make any interim or other order that it thinks fit, but the Court shall not refuse to make winding up order on the ground only that the assets of the company have been mortgaged to an amount equal to or in excess of those assets or that the company has no assets or in the case of a petition by a contributory that there will be no assets available for distribution amongst the contributories. (2) The Court may on the petition coming on for hearing or at any time on the application of the petitioner, the company, or any person who has given notice that he intends to appear on the hearing of the petition— (a) direct that any notices be given or any steps taken before or after the hearing of the petition; (b) dispense with any notices being given or steps being taken which are required by this Act, or by the rules, or by any prior order of the Court; (c) direct that oral evidence be taken on the petition or any matter relating thereto; (d) direct a speedy hearing or trial of the petition or any issue or matter; (e) allow the petition to be amended or withdrawn; and (f) give such directions as to the proceedings as the Court thinks fit. (3) Where the petition is presented on the ground of default in lodging the statutory report or in holding the statutory meeting, the Court may instead of making a winding up order, direct that the statutory report shall be lodged or that a meeting shall be held and may order the costs to be paid by any persons who, in the opinion of the Court, are responsible for the default.