In what circumstances may a winding up petition be presented to the court by:
i) A contributory?
ii) Shareholder other than a contributory?
ANSWER
If the number of members has fallen below the statutory minimum or
The shares in respect of which he is a contributory either:
Were originally allotted to him
Have been held him and registered in his name for at least 6 months, during the 18 months immediately proceeding the commencement of winding up.
Devolved on him through the death of the former holder.
As a general rule, a fully paid shareholder has no locus standi to petition for the winding up of the company. However, in re Rica Gold Washing Co. Ltd it was held that a fully paid member may sustain a petition proving that:
He has a tangible asset in the company.
There will be a surplus for distribution to members.
