s.94Application for winding up
94
Section 94Part 5 — Company Restructuring and Winding UpAmended

Application for winding up

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Amended by LG72/S3
An app lication to the Court for the winding up of a company shall be by petition presented either by —
the company;
any creditor or creditors (including any contingent or prospective creditor or creditors);
any contributory or contributories; or
subject to subsection (4), the Authority pursuant to the regulatory laws.
Where expressly provided for in the articles of association of a company, the directors of a company incorporated before the 31st August, 2022, the commencement date of the Compa nies (Amendment) Act, 2021 [Act 6 of 2021] have the authority to —
present a winding up petition; or
where a winding up petition has been presented, apply for the appointment of a provisional liquidator, on behalf of the company without the sanct ion of a resolution passed at a general meeting. (2A) Subject to subsection (2B), the directors of a company incorporated after the 31st August, 2022, the commencement date of the Companies (Amendment) Act, 2021 [Act 6 of 2021] may present a winding up pe tition on behalf of the company on the grounds that the company is unable to pay its debts within the meaning of section 93 or where a winding up petition has been presented, apply on behalf of the company, for the appointment of a provisional liquidator. (2B) The articles of association of a company may expressly remove or modify the directors’ authority to present a winding up petition or apply for the appointment of a provisional liquidator on the company’s behalf.
A contributory is not entitled to p resent a winding up petition unless either —
the shares in respect of which that person is a contributory, or some of them, are partly paid; or
the shares in respect of which that person is a contributory, or some of them, either were —
originally allotted to that person , or have been held by that person , and registered in that person’s name for a period of at least six months immediately preceding the presentation of the winding up petition; or
have devolved on that person through t he death of a former holder.
A winding up petition may be presented by the Authority in respect of any company which is carrying on a regulated business in the Islands upon the grounds that it is not duly licensed or registered to do so under the regul atory laws or for any other reason as provided under the regulatory laws or any other law.

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