Chapter 2: Formation, Administration and Dissolution of Companies
Part G: Winding-up of solvent companies and deregistering companies
s79: Winding-up of solvent companies
- (1) A solvent company may be dissolved by:
- (a) voluntary winding-up initiated by the company as contemplated in section 80, and conducted either;
- (i) by the company; or
- (ii) by the company's creditors,
- as determined by the resolution of the company; or
- (b) winding-up and liquidation by court order, as contemplated in section 81.
- (2) The procedures for winding-up and liquidation of a solvent company, whether voluntary or by court order, are governed by this Part and, to the extent applicable, by the laws referred to or contemplated in item 9 of Schedule 5.
- (3) If, at any time after a company has adopted a resolution contemplated in section 80, or after an application has been made to a court as contemplated in section 81, it is determined that the company to be wound up is or may be insolvent, a court, on application by any interested person, may order that the company be wound up as an insolvent company in terms of the laws referred to or contemplated in item 9 of Schedule 5.
No related regulations.
No related note.
No related forms.