PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964

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PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 16



16.(1) The court may, on a petition presented by the Ministry by virtue of
this section, wind up under the Companies Act (Northern Ireland) 1960 any
company to which section 6 applies, or to which that section has applied at
any time during the six months preceding the presentation of the petition, if

(a)the company is unable to pay sums due and payable to its depositors, or is
able to pay such sums only by obtaining additional deposits or by defaulting
in its obligations to its other creditors; or

(b)the value of the company's assets is less than the amount of its
liabilities; or

(c)default has been made by the company in complying with any requirement of
this Act as to the delivery of accounts; or

(d)the company has failed to comply with the requirements of [section 141 of
the Companies Act (Northern Ireland) 1960 (books of account)] [Article 25 of
the Companies (Northern Ireland) Order 1978 (accounting records)] or to
produce [books kept pursuant to that section] [records kept pursuant to that
Article], and the Ministry is unable to ascertain the financial position of
the company.

(2) A company which has been served with a winding-up petition presented by
the Ministry under this section shall not without the consent of the court
while any proceedings on the petition are pending

(a)accept deposits from any person; or

(b)make any payment directly or indirectly to or for the benefit of any person
who is, or was at the date of the presentation of the petition, an officer of
the company.

(3) If any deposit is accepted or any payment made in contravention of
subsection (2), the company shall be guilty of an offence, and shall be
liable, on conviction on indictment or on summary conviction, to a fine which,
on summary conviction, shall not exceed two hundred pounds.

(4) Notwithstanding any rule of law, any sum deposited or paid in
contravention of subsection (2) may be recovered by the depositor or the
company, as the case may be, as money had and received.

(5) In determining for the purposes of this section whether the value of a
company's assets is less than the amount of its liabilities, account shall be
taken of contingent and prospective liabilities of the company.

(6) Notwithstanding section 349(2) of the Companies Act (Northern Ireland)
1960, an unregistered company having a principal place of business situate in
England or Scotland may be wound up by virtue of this section if it has an
established place of business in Northern Ireland.

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Northern Irish Legislation

PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 16