Companies Act, 1963

Saving for rights of creditors and contributories.

282.—The winding up of a company shall not bar the right of any creditor or contributory to have it wound up by the court, but in the case of an application by a contributory the court must be satisfied that the rights of the contributories will be prejudiced by a voluntary winding up.

(iv) Provisions Applicable to every mode of Winding Up.

Proof and Ranking of Claims.