(1) The court may order the winding-up of a company in accordance with the Commercial Code but subject to this section, sections 40 to 54 and to the condition that the company may be ordered to be wound up—
(a) on the petition of 10 or more policy-holders owning policies of an aggregate sum assured of not less than $1,000,000; or
(b) on the petition of the Registrar.
(2) A petition shall not be presented except by leave of the court, and such leave shall not be granted unless—
(a) a prima facie case has been established to the satisfaction of the court; and
(b) security for costs for such amounts as the court may think reasonable has been given.
(3) The Registrar shall be a party to any proceedings under the Commercial Code relating to the winding up of a company and the liquidator in such a winding up shall give him or her such information about the affairs of the company as he or she may require.
(4) A reference in this section to a company shall include a company which has ceased to be registered under this Act, but remains under any liability in respect of policy-holders in Saint Lucia.