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.