(1) A firm, notwithstanding that it is being wound up voluntarily, may be wound up under an order of the Court on the application of,

(a) any partner of the firm;

(b) any former partner, or his legal representative, who has not been paid the amount due in respect of such former partner's interest in the firm; or

(2) No application under subsection (1) of this section shall be made after insolvency proceedings under the Insolvency Act, 1962 (Act 153) have been commenced by or against all the partners jointly.

(3) The Court may order the winding up of a firm on an application being made under subsection (1) of this section if,

(a) the firm does not commence business within a year from its registration or suspends its business for a whole year;

(b) the firm carries on business for more than six months with fewer than two partners;

(d) the Court is of the opinion that it is otherwise just and equitable that the firm should be wound up by the Court.

(4) Before making a winding up order the Court shall enquire as to the solvency of the firm; and unless the Court is satisfied that the debts and liabilities of the firm will be paid in full within a period of six months from the commencement of the winding up, if the Court orders the winding up of the firm, the order shall be deemed to be a protection order under the Insolvency Act, 1962 (Act 153) made against all the partners jointly and accordingly subsections (2), (3) and (4) of the immediately preceding section shall apply.

(5) Except as provided in subsection (4) of this section when the Court makes a winding up order it shall appoint the Official Trustee, the Registrar or such other person as it thinks fit as liquidator to wind up the affairs of the firm and within forty-eight hours of the drawing up of the winding up

order a copy thereof shall be delivered by the liquidator to the Registrar for registration and the Registrar shall cause notice thereof to be published in the Gazette.

(6) Where, before the making of the winding up order, the partners have commenced to wind up voluntarily, the winding up shall be deemed to have commenced at the date of the commencement of the voluntary winding up and, unless the Court otherwise directs, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken; and in any other case the winding up shall be deemed to commence at the date of the making of the winding up order.

(7) As from the date of the winding up order all the powers and authority of the partners in relation to the firm shall cease and shall vest in the liquidator.