Section 469. Powers of Court on hearing petition for winding up

(1) On hearing the petition for winding up, the Court may, by order—

(a) dismiss the petition with or without costs;

(b) adjourn the hearing conditionally or unconditionally; or

(c) make any interim or any other order that the Court thinks fit.

(2) The Court shall not refuse to make a winding up order solely on the ground only—

(a) that the assets of the company have been mortgaged to an amount equal to or in excess of those assets;

(b) that the company has no assets; or

(c) in the case of a petition by a contributory, that there will be no assets available for distribution amongst the contributories.

(3) The Court may, at the hearing of the petition or at any 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 any notice be given or any steps is taken before or after the hearing of the petition;

(b) dispense with any notices being given or steps being taken which are required by this Act, or by the rules, or by any prior order of the Court;

(c) direct that oral evidence be taken on the petition or any matter relating to the petition;

(d) direct a speedy hearing or trial of the petition or any issue or matter;

(e) allow the petition to be amended or withdrawn; and

(f) give such directions as to the proceedings as the Court thinks fit.

(4) Where the petition is presented on the ground of default in lodging the statutory report, the Court may instead of making a winding up order, direct that the statutory report shall be lodged and may order the costs to be paid by any persons who, in the opinion of the Court, are responsible for the default.