In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

128. Powers of Court on hearing winding up application

(1)

On hearing a winding up application, the Court may dismiss the application with or without costs or adjourn the hearing conditionally or unconditionally or make any interim or other order that the Court thinks fit, but the Court must not refuse to make a winding up order on the ground only that —

(a)

the assets of the company have been mortgaged to an amount equal to or in excess of those assets;

(b)

the company has no assets; or

(c)

in the case of an application by a contributory, there will be no assets available for distribution amongst the contributories.

(2)

The Court may, on the winding up application coming on for hearing or at any time on the application of the person making the winding up application, the company, or any person who has given notice that he or she intends to appear on the hearing of the winding up application —

(a)

direct that any notices be given or any steps be taken before or after the hearing of the winding up application;

(b)

dispense with any notices being given or steps being taken which are required by this Act, or by any prior order of the Court;

(c)

direct that oral evidence be taken on the winding up application or any matter relating to the winding up application;

(d)

direct a speedy hearing or trial of the winding up application or any issue or matter;

(e)

allow the winding up application to be amended or withdrawn; and

(f)

give such directions as to the proceedings as the Court thinks fit.

(3)

Where the winding up application is made 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 must be lodged or that a meeting must 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.