Companies (Amendment) (No. 2) Act, 1999
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Amendment of section 2 of Act of 1990. |
5.—Section 2 of the Act of 1990 is hereby amended— | |
(a) in subsection (1) (as amended by the Companies Act, 1990 ), by the substitution for “Where it appears to the court that” of “Subject to subsection (2), where it appears to the court that”, and | ||
(b) by the substitution or subsection (2) of the following subsection: | ||
“(2) The court shall not make an order under this section unless it is satisfied that there is a reasonable prospect of the survival of the company and the whole or any part of its undertaking as a going concern.”, | ||
and the said subsection (1), as so amended, is set out in the Table to this section. | ||
TABLE | ||
(1) Subject to subsection (2), where it appears to the court that— | ||
(a) a company is or is likely to be unable to pay its debts, and | ||
(b) no resolution subsists for the winding-up of the company, and | ||
(c) no order has been made for the winding-up of the company, | ||
it may, on application by petition presented, appoint an examiner to the company for the purpose of examining the state of the company's affairs and performing such duties in relation to the company as may be imposed by or under this Act. |