| (1) |
A court or the Tribunal may, on application by any interested person, order that a co-operative be wound up, if— |
[Words preceding section 72(1)(a) substituted by section 56 of Notice No. 558, GG 36729, dated 5 August 2013]
| (a) |
the co-operative is unable to pay its debts; |
| (b) |
there is no reasonable probability that it will be able to pay its debts or become a viable co-operative; and |
| (c) |
it appears just and equitable to do so. |
| (2) |
The court considering an application in terms of subsection (1) may— |
| (a) |
adjourn the hearing thereof conditionally or unconditionally; or |
| (b) |
prior to granting or refusing the application, make any provisional or other order it may deem fit. |
Housing Development Agency Act, 2008
