Central Bank Act, 1989.

Chapter IV

General Provisions Relating to Winding Up

Grounds for winding up on application of Bank.

48.—(1) Notwithstanding section 215 of the Companies Act, 1963 , the Bank may, by presenting a petition, apply to the Court to have the holder of a licence wound up on any of the following grounds:

(a) that the holder is or, in the opinion of the Bank, may be unable to meet its obligations to its creditors;

(b) that the holder has failed to comply with a direction of the Bank under section 21 of the Act of 1971 and the Court has not set aside the direction;

(c) that the licence has been revoked and the holder has ceased to carry on the business of banking;

(d) that the Bank considers that it is in the interest of persons having deposits (including deposits on current accounts) with the holder that the holder be wound up.

(2) Where a petition for the winding up of the holder of a licence is presented by a person other than the Bank, a copy of the petition shall be served on the Bank which shall be entitled to be heard on the petition.

(3) Where the holder of a licence is being wound up voluntarily and the Bank has reason to believe that any of the grounds set out in subsection (1) apply, then the Bank may apply to the Court to have the licence holder wound up by the Court.