Assurance Companies Act, 1909

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Special provisions as to winding up of assurance companies.

15. The Court may order the winding up of an assurance company, in accordance with the Companies (Consolidation) Act, 1908, and the provisions of that Act shall apply accordingly, subject, however, to the following modification:—

The company may be ordered to be wound up on the petition of ten or more policy holders owning policies of an aggregate value of not less than ten thousand pounds:

Provided that such a petition shall not be presented except by the leave of the Court, and leave shall not be granted until a primâ facie case has been established to the satisfaction of the Court and until security for costs for such amount as the Court may think reasonable has been given.