Section 5(4)(a) and (b) of the Insolvency Act [Chapter 6:07] provides as follows:“5. Application by debtor for the liquidation of a trust, company, private business, corporation, co-operative or other debtor other than a natural person or partnership(1)…,.(b) By the company, or one or more directors or by one or more ...
Section 5(4)(a) and (b) of the Insolvency Act [Chapter 6:07] provides as follows:
“5. Application by debtor for the liquidation of a trust, company, private business, corporation, co-operative or other debtor other than a natural person or partnership
(1)…,.
(b) By the company, or one or more directors or by one or more members for an order to wind up the company on the grounds that –
(i) The directors are deadlocked in the management of the company, and the members are unable to break the deadlock; and
A. Irreparable harm is resulting or may result from the deadlock; or
B. The company business cannot be conducted to the advantage of members, generally, as a result of the deadlock: or
(ii) The members are deadlocked in voting power, and have failed, for a period that includes at least two financial years, to elect successors to directors whose terms have expired; or
(iii) It is just and equitable for the company to be liquidated.
…,.
(4) Every application to the court referred to in subsection (1) except an application by the registrar of companies in terms of subsection 1(e) and the Master in terms of paragraph (h) of that subsection must be accompanied by -…,.
(a) A statement of affairs of the debtor corresponding substantially with Form A of the First Schedule; and
(b) A certificate of the Master, not issued more than four days before the date on which the application is to be heard by the Court, that sufficient security has been given for the payment of all costs in respect of the application that might be awarded against the applicant.”
