Section 131Part 5 — Company Restructuring and Winding Up
Application for super vision order
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When a resolution has been passed by a company to wind up voluntarily, the liquidator or any contributory or creditor may apply to the Court for an order for the continuation of the winding up under the supervision of the Court, notwithst anding that the declaration of solvency has been made in accordance with section 124 , on the grounds that —
the company is or is likely to become insolvent; or
the supervision of the Court will facilitate a more effective, economic or expeditious liquidation of the company in the interests of the contributories and creditors.