(1) The Registrar or any person who is,

(a) a creditor of the company,

(b) a member or contributory of the company, or

(c) the Attorney-General, but only on the ground specified in paragraph (c) of subsection (2) of this section, may present a petition to the Court for the official winding up of the company.

(2) The Court may order the official winding up of a company on such petition where,

(a) the company does not within a year from its incorporation commence to carry on all the businesses which it is authorised by its Regulations to carry on or suspends any of such businesses for a whole year;

(b) the company has no members;

(c) the business or objects of the company are unlawful or the company is operated for an illegal purpose or the business being carried on by the company is not authorised by its Regulations;

(d) the company is unable to pay its debts; or

(e) the Court is of the opinion that it is just and equitable that the company should be wound up.

(3) In determining whether the company is unable to pay its debts the provisions of subsection (3) of section 3 of this Act shall apply.

(4) On the hearing of a winding up petition the Court may dismiss or adjourn the hearing conditionally or unconditionally or make an interim order, or any other order that it thinks fit, 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.

(5) Where the petition is presented by members or contributories of the company on the ground that it is just and equitable that the company should be wound up, the Court, if it is of the opinion,

(a) that the petitioners are entitled to relief either by winding up the company or by some other means, and

(b) that in the absence of any other remedy it will be just and equitable that the company should be wound up, shall make a winding up order unless it is of the opinion, both that some other remedy is available to the petitioners and that they acted unreasonably in seeking to have the company wound up instead of pursuing that other remedy.

(6) On the making of a winding up order, a copy of the order shall forthwith be forwarded by the registrar of the Court to the Registrar who shall make a minute thereof in his books relating to the company and publish it in the Gazette.

(7) Subject to the provisions of this section the Court may, at any time between the presentation of a petition and the making of a winding up order, appoint the Registrar to exercise all or any of the powers of a liquidator.