Revised Laws of Saint Lucia (2021)

387.   Petition for winding-up

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    (1)   An application to the court for the winding-up of a company shall be by petition presented, subject to the provisions of the section, either by—

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      (a)     the company;

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      (b)     a creditor, including a contingent or prospective creditor, of the company;

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      (c)     a contributory; or

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      (d)     the trustee in bankruptcy to, or personal representative of, a creditor or contributory;

or any 2 or more of those parties.

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    (2)   Despite anything in subsection (1)—

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      (a)     a contributory is not entitled to present a winding-up petition unless the shares in respect of which he or she is a contributory, or some of them, either were originally allotted to him or her or have been held by him or her, and registered in his or her name, for at least 6 months during the 18 months before the commencement of the winding-up, or have devolved on him or her through the death of a former holder; and

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      (b)     the court shall not hear a winding-up petition presented by a contingent or prospective creditor until such security for costs has been given as the court thinks reasonable and until a prima facie case for winding-up has been established to the satisfaction of the court.

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    (3)   Where a company is being wound up voluntarily, a winding-up petition may be presented by the Official Receiver as well as by any other person authorised in that behalf under the other provisions of this section, but the court shall not make a winding-up order on the petition unless it is satisfied that the voluntary winding-up cannot be continued with due regard to the interests of the creditors or contributories.

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    (4)   A contributory is entitled to present a winding-up petition although there may not be assets available on the winding-up for distribution to contributories.