Companies Act (Cap. 386), article 218

218. (1) A request to the court (her einafter referred to as the "winding up application") for the - (a) winding up of a company by the court in accordance with article 214(1)( a); or (b) dissolution and winding up of a company by the court in accordance with article 214(2)( a); or (c) dissolution and winding up of a company in accordance with article 214(2)( b), shall be made by means of an application which may be made either by the company following a decision of the general meeti ng or by its board of directors, or by any debenture holder, credi tor or creditors, or by any contri butory or contributories: Provided that an application in terms of paragraphs ( b) or (c) may also be made by any sh areholder or director of the company. (2) Except as provided in sub-article (3), a contributory shall not be entitled to make a win ding up application unless - (a) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him, or have been held by him, and registered in his name, for at least six months during the eighteen months before the date of the company’s dissolution, or have devolved on him through the death of a former shareholder; or (b) the number of members was reduced and remains reduced below the minimum prescribed by article 72 w h i l e h e h o l d s s h a r e s i n r e s p e c t o f w h i c h h e i s a contributory. (3) Notwithstanding the provisions of sub-article (1), a person who is liable under article 217 to contribute to a company’s as sets in the event of its dissolution may only file a winding up application on either of the grounds set out in article 214(2)( a)(ii) and (b)(iii). 154 CAP. 386.] COMP ANIES (4) The Registrar may file a winding up application where it appears to him that it is expedient or in the public interest t hat a company should be dissolved and wound up for any of the reasons set out in article 214(2)(b)(ii) and (iii). (5) By virtue of article 294, a winding up application for a winding up by the Court may be filed notwithstanding that a company is being wound up voluntarily. Such an application may also be made by the official receiver appointed in accordance w ith the provisions o f article 225. ( 6 ) T h e d i r e c t o r s , t h e c o m p a n y s e c r e t a r y , a n d e v e r y contributory and creditor of the company shall be entitled to m ake submissions on the hearing of a winding up application made und er this article. (7) In the event of a winding u p application made under sub- article (1)( c), if the court decides that the company shall be wound up voluntarily, the provisions of Sub-title II of this Title ot her than article 265 shall apply. (8) On the making of a winding up application, a copy thereof shall forthwith be forwarded by the Registrar of Courts to the Registrar for registration. Powers of the court. Amended by: IV . 2003.94.