Section 104: Power of Court on petition for winding up

104. Power of Court on petition for winding up (1) Subject to this section, on hearing a petition to wind up, the Court may, in its discretion, grant the petition and make a winding up order, dismiss the petition, adjourn the hearing conditionally or unconditionally, adjourn the petition under section 253 in the case of a company in administration, or make such interim or other order as it thinks fit, but the Court shall not refuse to make a winding up order by reason that— (a) the assets of the company have been charged to an amount equal to or in excess of those assets; (b) the company has no assets; or (c) in the case of a petition by a contributory, there will be no assets available for distribution, amongst the contributories. (2) The Court may, at the hearing of a petition, adjourn the petition for not more than 14 days and direct that the Director prepare a report for the Court, with a copy being provided to the company and the petitioner, on whether it is appropriate in the circumstances for the company to be placed in voluntary administration under Sub-part IV. (3) The Court may, at the hearing of a petition or at any other time, on the application of the petitioner, the company, or any person who has given notice that he intends to appear on the hearing of the petition— (a) direct that notices be given or any other steps be taken before or after the hearing of the petition; (b) dispense with any notice being given or step being taken which is required by this Act or by any previous order of the Court; or (c) give such other directions as to the proceedings as the Court thinks fit. (4) An order for winding up of a company shall operate in favour of all the creditors and contributories of the company as if it was made on the joint petition of a creditor and of a contributory. (5) Where the Court dismisses a petition and considers that the petition is frivolous or vexatious and ought not to have been brought, it may award costs against the petitioner.