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In winding up proceedings, if the debtor company pays out the applicant's debt, the Court has power to order the substitution of another creditor as the. The paper assumes a basic knowledge of insolvency law, practice and procedure. Opposing the winding up application. 2. A company served with a statutory demand. —(1) Every winding up application and any other application by which any proceedings are commenced in Court shall be made by originating application supported.

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[1] This is a winding up application brought in terms of section 69 of the Close. Corporations Act 69 of (the Act) read with section (1)(b). Winding Up Applications Winding up company in insolvency may be the only option available to you, either as: When you wind up a company's financial matters. [State briefly the nature of the proceeding, eg application for winding-up on ground of insolvency, or complaint about a receiver.].

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An application to “wind a company up in insolvency” – these are filed with an application and affidavit. It comes after a statutory demand has been served, and. In the case of an unsuccessful application, the costs of the petitioning creditor, any supporting or opposing creditor, any incumbent insolvency. [1] This is a winding up application brought in terms of section 69 of the Close. Corporations Act 69 of (the Act) read with section (1)(b).