Corporate Insolvency and Restructuring (Amendment) Act, 2020 (Act 1031)

ARRANGEMENT OF SECTION

Section 84 of Act 1015 amended

PURPOSE

AN ACT to amend the Corporate Insolvency and Restructuring Act, 2020 (Act 1015) to empower the Registrar, a creditor of a company, a member of a company with shares, a contributory of a company or the Attorney-General to petition the Court for the official winding-up of a company in all the circumstances specified in subsection (2) of section 84 of Act 1015.

DATE OF ASSENT

27thOctober, 2020.

ACT

Section 84 of Act 1015 amended

The Corporate Insolvency and Restructuring Act, 2020 (Act 1015) is amended in section 84 by the

(a) substitution for subsection (1), of

"(1) The following persons may present a petition to the Court for the official winding-up of a company, in the circumstances specified in subsection (2):

(a) the Registrar,

(b) a creditor of the company,

(c) a member of the company with shares, or

(d) a contributory of the company."; and

(b) insertion after subsection (1) of a new subsection (1A) as follows:

"(1A) The Attorney-General may present a petition to the Court for the official winding-up of the company only in the circumstances specified in paragraphs (c), (d) and (e) of subsection (2).".