All sections · Part XVII: Striking Off, Winding Up And Dissolution · Sub-Part III: Voluntary Winding Up of Insolvent Company
300 Where company found to be insolvent
(1) If at any time the liquidator of a company in voluntary liquidation under
Sub-Part II (Voluntary Winding Up of Solvent Company) is of the opinion
that the company is insolvent, he shall forthwith —
(a) cease carrying out the voluntary winding up under Sub-Part II;
and
(b) provide a written notice thereof to each member and known
creditor of the company.
(2) A liquidator who contravenes subsection (1) commits an offence and is
liable on conviction to a fine not exceeding US$10,000.
Sub-Part II (Voluntary Winding Up of Solvent Company) is of the opinion
that the company is insolvent, he shall forthwith —
(a) cease carrying out the voluntary winding up under Sub-Part II;
and
(b) provide a written notice thereof to each member and known
creditor of the company.
(2) A liquidator who contravenes subsection (1) commits an offence and is
liable on conviction to a fine not exceeding US$10,000.
