(1) An order for the liquidation and dissolution of an international business company maybe made by the Court if—
(a) the company carries on business in breach of section 12;
(b) the company carries on business without a shareholder;
(c) the company has seriously or persistently failed to comply with this Act;
(d) the company is unable to pay its debts;
(e) the company is carrying on business in a manner detrimental to the public interest;
(f) the Court considers that it would be just and equitable for the company to be liquidated and dissolved.
(2) An application to the Court for an order under subsection (1) may be made by the Registrar or, if the application is made under subsection (1)(c) or (1)(d), by any interested person.
(3) Where the Court makes an order under this section, the provisions of the Companies Act shall apply with the necessary changes as if the international business company was a company being liquidated and dissolved by the court under that Act.
(4) Any person who, under the provisions of subsection (1), makes an application to the Court for an order shall serve on the Registrar a notice that the application has been made, and the Registrar must retain and register the notice.
(Amended by Act 14 of 2002)