Companies Act (Cap. 386), article 399

399. ( 1 ) T h e c o u r t m a y w i n d u p t h e a f f a i r s i n M a l t a o f a n oversea company constituted or in corporated outside Malta in an y of the cases mentioned in article 214 in which it may dissolve and wind up a company formed and registered in Malta. (2) The court may exercise its power under sub-article (1) irrespective of whether the ove rsea company is being or has bee n wound up or has otherwise been d issolved or ceased to exist as a company under the law of its c onstitution or incorporation. (3) For the purposes of this arti cle, every person, who is liabl e to pay or contribute to the payment of any debt or liability of the oversea company, or to pay or co ntribute to the payment of any sum for the adjustment of the rights of members among themselves, o r to pay or contribute to the payment of the expenses of the wind ing up of the company, shall be deemed to be a contributory. (4) Every contributory shall be liable to contribute to the oversea company’s assets all sum s due from him in respect of su ch COMP ANIES [CAP. 386. 243 liability as is mentioned in sub-article (3). (5) Subject to the provisions of sub-articles (1) to (4), the winding up of the oversea company’s affairs in Malta shall be carried out by applying the provisions of Title II of Part V of this Act, with such modifications as are necessary to accommodate th e fact that the oversea company, the affairs of which are being w ound up, is a company constituted or incorporated outside Malta. Closure by oversea company of its branch or place of business in Malta. Added by: IV . 2003.154.