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Companies Act [Chapter 190] — petition for provisional winding up order — ss 179(f), 178(a) and 178(c) — strict compliance with requirements of s 178(a) required — bona fide and reasonable dispute as to indebtedness will defeat a claim based on s 178(c).
In an application for a rule nisi calling upon interested parties to show why the respondent should not be wound up in terms of the Companies Act [Chapter 190], the petition relied on s 179(f) of the Act to show that the respondent was unable to pay its debts. Accordingly petitioners relied on the provisions of ss 178(a) and 178(c) of the Act. Section 178(a) lays down three conditions with which a petitioning creditor must strictly comply. Failure to comply with each condition will defeat a claim based on it. Similarly before a petitioner can rely on s 178(c) he must satisfy the court that the respondent is unable to pay his debts. If the respondent can show that he has a bona fide and reasonable defence to the claim giving rise to the indebtedness this section will be of no assistance to the petitioner.
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