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202. Application for winding-up

Past version: effective from 14/06/2015 - 13/06/2015
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(1) Subject to any provision of Abu Dhabi Global Market legislation to the contrary, a petition to the Court for the winding-up of a Company may only be presented by the Company, or the Directors, or by any creditor or creditors (including any contingent or prospective creditor or creditors) or by a contributory or contributories.
(2) A contributory is not entitled to present a winding-up petition unless either —
(a) the shares in respect of which he is a contributory, or some of them, either were originally allotted to him, or have been held by him, and registered in his name, for at least six (6) months during the 18 months before the commencement of the winding-up, or have devolved on him through the death of a former holder; or
(b) he is a person who is liable under Section 221 (Liability to contribute of past and present members) to contribute to a Company's assets in the event of its being wound up; but in such a case, he may only petition on either of the grounds set out in Section 199(b) and (d) (Circumstances in which a Company may be wound up by the Court).