| (1) |
A solvent company may be dissolved by— |
| (a) |
voluntary winding-up initiated by the company as contemplated in section 80, and conducted either— |
| (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. |
Protection of Businesses Act, 1978
