Insolvency Act · 2022 Revised Edition · Chapter VI
103. Powers of Court on hearing of petition
Official textFrom Attorney General's Chambers, unchanged
On hearing a winding up petition, the Court may —
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
dismiss the petition;
adjourn the hearing conditionally or unconditionally; or
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make an interim order or any other order that it thinks fit, but the Court shall not refuse to make a winding up order on the ground only that the company’s assets have been mortgaged to an amount equal to or in excess of those assets, or that the company has no assets.
If the petition is presented by members of the company as contributories on the ground that it is just and equitable that the company should be wound up, the Court, if it is of opinion that —
company
“company” means a company incorporated or registered under the Companies Act;
the petitioners are entitled to relief by winding up the company or by some other means; and
in the absence of any other remedy, it would be just and equitable that the company be wound up, shall make a winding up order; but this does not apply if the Court is also of the opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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