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Companies Act, 2008 (Act No. 71 of 2008)

Chapter 2 : Formation, Administration and Dissolution of Companies

Part G : Winding-up of solvent companies and deregistering companies

79. Winding-up of solvent companies

 

 

1) A solvent company may be dissolved by—
a) voluntary winding-up initiated by the company as contemplated in section 80, and conducted either—
i) by the company; or
ii) by the company’s creditors,

as determined by the resolution of the company; or

b) winding-up and liquidation by court order, as contemplated in section 81.

 

2) The procedures for winding-up and liquidation of a solvent company, whether voluntary or by court order, are governed by this Part and, to the extent applicable, by the laws referred to or contemplated in item 9 of Schedule 5.

 

3) If, at any time after a company has adopted a resolution contemplated in section 80, or after an application has been made to a court as contemplated in section 81, it is determined that the company to be wound up is or may be insolvent, a court, on application by any interested person, may order that the company be wound up as an insolvent company in terms of the laws referred to or contemplated in item 9 of Schedule 5.