Companies Act, 1973 (Act No. 61 of 1973)Chapter XIV: Winding-up of CompaniesWinding-up by the Court347. Power of Court in hearing application |
| 1) | The Court may grant or dismiss any application under section 346 or adjourn the hearing thereof, conditionally or unconditionally, or make any interim order or any other order it may deem just, but the 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. |
| 2) | Where the application is presented by members of the company and it appears to the Court that the applicants are entitled to relief, the Court shall make a winding-up order, unless it is satisfied that some other remedy is available to the applicants and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy. |
| 3) | Where the application is presented on the ground that the company commenced business before the Registrar had certified that it was entitled to commence business, the Court may, instead of granting a winding-up order, give directions that the company shall obtain such certificate from the Registrar or make such other order as it thinks fit and the Court may order the costs or any part thereof to be paid by any person who in the opinion of the Court is responsible for the default. |
| 4) | Where the application is presented to the Court by- |
| a) | any applicant under section 346 (1) (e), the Court may in the winding-up order or by any subsequent order confirm all or any of the proceedings in the voluntary winding-up; or |
| b) | any member under that section, the Court shall satisfy itself that the rights of the member will be prejudiced by the continuation of a voluntary winding- up. |
| 5) | The Court shall not grant a final winding-up order in the case of a company or other body corporate which is already being wound up by order of Court within the Republic. |