COMPANIES ACT, 1929

H5 3

Provided that—
(a) A contributory shall not be entitled to present a winding-up
petition unless—
(i) either the number of members is reduced, in the
case of a private company, below two, or, in the case of
any other company, below seven; or

(ii) 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 commencement of the winding up, or have
devolved on him through the death of a former holder;
and

A winding-up petition shall not, if the ground of the petition
is default in delivering the statutory report to the registrar
or in holding the statutory meeting, be presented by any
person except a shareholder, nor before the expiration of
fourteen days after the last day on which the meeting
ought to have been held; and

The court shall not give a hearing to a winding-up petition
presented by a contingent or prospective creditor until
such security for costs has been given as the court thinks
reasonable and until a prima facie case for winding up
has been established to the satisfaction of the court.

(b)

c)

(2) Where a company is being wound up voluntarily or subject
to supervision in England, a winding-up petition may be presented
by the official receiver attached to the court as well as by any
other person authorised in that behalf under the other provisions
of this section, but the court shall not make a winding-up order on
the petition unless it is satisfied that the voluntary winding up or
winding up subject to supervision cannot be continued with due
regard to the interest of the creditors or contributories.
(3) Where under the provisions of this Part of this Act any
person as being the husband of a female contributory is himself a
contributory, and a share has during the whole or any part of the
six months mentioned in proviso (a) (ii) to subsection (1) of this
section been held by or registered in the name of the wife, or by or in
the name of a trustee for the wife or for the husband, the share
shall, for the purposes of this section, be deemed to have been held
bv and registered in the name of the husband.

171.—(1) On hearing a winding-up petition the court may dismiss powers of court
it, or adjourn the hearing conditionally or unconditionally, or make on hearing
any interim order, or any other order that it thinks fit, but the Destion,
court shall not refuse to make a winding-up order on the ground
only that the assets of the company have been mortgaged to an
amount equal to or in excess of those assets. or that the company
has no assets.