(1) Subject to subsection (2) and section 467A, on hearing a winding
up application the Court may:
- (a)
- dismiss the application with or without
costs, even if a ground has been proved on which the Court may order the
company to be wound up on the application; or
- (b)
- adjourn the hearing conditionally or unconditionally; or
- (c)
- make any interim or other order that it thinks fit.
(2) The Court must not refuse to make a winding up order merely because:
- (a)
- the property of the company has been mortgaged to an amount equal to or
greater than the value or amount of that property; or
- (b)
- the company has no property.
(3) The Court may, on the application coming on for hearing or at any time at
the request of the applicant, the company or any person who has given notice
of intention to appear on the hearing of the application:
- (a)
- direct that
any notices be given or any steps be taken before or after the hearing of the
application; and
- (b)
- dispense with any notices being given or steps being taken that are
required by this Act, or by the rules, or by any prior order of the Court; and
- (c)
- direct that oral evidence be taken on the application or any matter
relating to the application; and
- (d)
- direct a speedy hearing or trial of the application or of any issue or
matter; and
- (e)
- allow the application to be amended or withdrawn; and
- (f)
- give such directions as to the proceedings as the Court thinks fit.
(4) Where the application is made by members as contributories on the ground
that it is just and equitable that the company should be wound up or that the
directors have acted in a manner that appears to be unfair or unjust to other
members, the Court, if it is of the opinion that:
- (a)
- the applicants are
entitled to relief either by winding up the company or by some other means;
and
- (b)
- in the absence of any other remedy it would be just and equitable that the
company should be wound up;
must make a winding up order unless it is also of the opinion that some other
remedy is available to the applicants and that they are acting unreasonably in
seeking to have the company wound up instead of pursuing that other remedy.
(5) Notwithstanding any rule of law to the contrary, the Court must not refuse
to make an order for winding up on the application of a contributory on the
ground that, if the order were made, no property of the company would be
available for distribution among the contributories.
(7) At any time after the filing of a winding up application and before a
winding up order has been made, the company or any creditor or contributory
may, where any action or other civil proceeding against the company is
pending, apply to the Court to stay or restrain further proceedings in the
action or proceeding, and the Court may stay or restrain the proceedings
accordingly on such terms as it thinks fit.