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Definition of insolvency.
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44.—A company shall be deemed to be or have been insolvent for the purposes of this Part of this Act on any particular date, present or past, if the circumstances of such company on that particular date are or were such that if proceedings for the winding up of such company were or had been taken on the said date, the Court could, under sections 129 and 130 of the Act of 1908, hold or have held such company to be, on the said date, unable to pay its debts.
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