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Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 9 : Winding-up or De-registration of Co-operatives

72. Winding-up by order of court

 

(1) A court or the Tribunal may, on application by any interested person, order that a co-operative be wound up, if—

[Words preceding section 72(1)(a) substituted by section 56 of Notice No. 558, GG 36729, dated 5 August 2013]

(a) the co-operative is unable to pay its debts;
(b) there is no reasonable probability that it will be able to pay its debts or become a viable co-operative; and
(c) it appears just and equitable to do so.

 

(2) The court considering an application in terms of subsection (1) may—
(a) adjourn the hearing thereof conditionally or unconditionally; or
(b) prior to granting or refusing the application, make any provisional or other order it may deem fit.