Companies (Winding Up and Miscellaneous Provisions) Ordinance

An application to the court for the winding up of a company shall be by petition, presented subject to the provisions of this section either by the company, or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or contributories or the trustee in bankruptcy or the personal representative of a contributory, or by all or any of those parties, together or
separately:
(Amended
6 of 1984 s. 131
)
Provided
that—
(a)
subject to subsection (1A), a contributory shall not be entitled to present a
winding-
up petition
unless—
(Amended
14 of 2016 s. 26
)
(i)
the company has no members; or
(Replaced
28 of 2003 s. 78
)
(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 6 months during the 18 months before the commencement of the winding up, or have devolved on him through the death of a former holder; and
(b)
(Repealed
6 of 1984 s. 131
)
(c)
the court shall not give a hearing to a winding-up petition
                            presented by 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; and
(Amended
6 of 1984 s. 131
)
(d)
in a case falling within
section 879(1)
of the Companies Ordinance (
Cap. 622
), a winding-up petition may be presented by the Financial Secretary; and
(Added
6 of 1984 s. 131
. Amended
28 of 2012 ss. 912
& 920)
(e)
in a case referred to in
section 177(1
)(
c)
or (2), a winding-up petition may be presented by the Registrar.
(Added
6 of 1984 s. 131
)