ACT 125
COMPANIES ACT 1965 (REVISED - 1973)
PART X - WINDING UP
DIVISION 2 - WINDING UP BY THE COURT
Subdivision (1) - General
 
Section 217. Application of winding up.
 
(1) A company (whether or not it is being wound up voluntarily) may be wound up under an order of the Court on the petition of—

    (a) the company;

    (b) any creditor, including a contingent or prospective creditor, of the company;

    (c) a contributory or any person who is the personal representative of a deceased contributory or the trustee in bankruptcy or the Director General of Insolvency of the estate of a bankrupt contributory;

    (d) the liquidator;

    (e) the Minister pursuant to section 205 or on the ground specified in paragraph 218(1)(d);

    (f) in the case of a company which is a licensed institution, or a scheduled institution in respect of which the Minister charged with responsibility for finance has made an order under subsection 24(1) of the Banking and Financial Institutions Act 1989, or a non-scheduled institution in respect of which such Minister has made an order under subsection 93(1) of that Act, Bank Negara Malaysia;

    (g) in the case of a company which is licensed under the Insurance Act 1996 [Act 553], Bank Negara Malaysia;

    (h) the Registrar on the ground specified in paragraph 218(1)(m) or (n);

    (i) in the case of a member institution under the Malaysia Deposit Insurance Corporation Act 2005 [Act 642], the Malaysia Deposit Insurance Corporation under section 71 of that Act,

or of any two or more of those parties.

(2) Notwithstanding anything in subsection (1)—

    (a) a person referred to in paragraph (1)(c) may not present a petition on any of the grounds specified in paragraph 218(a), (b), (c), (e) or (i) unless—

          (i) the number of members of the company (not being a company the whole of the issued shares of which is held by a holding company) is reduced below two; or

          (ii) the share in respect of which the contributor was a contributory or some of them were originally allotted to the contributor, or have been held by him and registered in his name
           for at least six months during the eighteen months before the presentation of the petition or have devolved on him through the death or bankruptcy of a former holder;

    (b) a petition shall not, if the ground of the petition is default in lodging the statutory report or in holding the statutory meeting, be presented by any person except a contributory or the Minister nor before the expiration of fourteen days after the last day on which the meeting ought to have been held;

    (c) the Court shall not hear the petition if presented by a contingent, or prospective creditor until such security for costs has been given as the Court thinks reasonable and a prima facie case for winding up has been established to the satisfaction of the Court; and

    (d) the Court shall not, where a company is being wound up voluntarily, make a winding up order unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories.

[Am. Act A1299 : s.23]