Winding-up and Restructuring Act (R.S.C., 1985, c. W-11)

Marginal note:Application for winding-up order

11. An application for a winding-up order may

• (a) in the cases mentioned in paragraphs 10(a) and (b), be made by the company or by a shareholder of the company, or, if the company is a federal credit union, by a member or shareholder of the company;

• (b) in the case mentioned in paragraph 10(c), be made by the company or by a creditor of the company for the sum of at least two hundred dollars or, except in the case of banks and insurance corporations, by a shareholder holding shares in the capital stock of the company to the amount of at least five hundred dollars par value, or holding five shares without nominal or par value in the capital stock of the company;

• (c) in the cases mentioned in paragraphs 10(d) and (e), be made by a shareholder holding shares in the capital stock of the company to the amount of at least five hundred dollars par value, or holding five shares without nominal or par value in the capital stock of the company; and

• (d) in the case mentioned in section 10.1, be made by the Attorney General of Canada.

Marginal note:How and where made

• 12. (1) An application for a winding-up order may be made by petition to the court in the province where the head office of the company is situated or in the province where its chief place or one of its chief places of business in Canada is situated.

• Marginal note:Notice of application

  (2) Except in cases where an application for a winding-up order is made by a company, four days notice of the application shall, unless otherwise directed by a court, be given to the company before the making of the application.

Marginal note:Power of court

13. A court may, on application for a winding-up order, make the order applied for, dismiss the application with or without costs, adjourn the hearing conditionally or unconditionally or make any interim or other order that it deems just.

Marginal note:Proceedings may be adjourned

14. If a company opposes an application for a winding-up order on the ground that it has not become insolvent, that its suspension or default was only temporary and was not caused by a deficiency in its assets, that its capital stock is not impaired to the extent described in paragraph 10(d), that the impairment does not endanger the capacity of the company to pay its debts in full or that there is a probability that its lost capital will be restored within a year or within a reasonable time thereafter, and shows reasonable cause for believing that its opposition is well founded, the court, in its discretion, may, from time to time, adjourn proceedings on the application, for a time not exceeding six months after the date of the application, and may order an accountant or other person to inquire into the affairs of the company and to report thereon within a period not exceeding thirty days after the date of that order.