BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 5 - Procedure on Conversion to Official Winding Up

(1) On notice being given by the liquidator under a private liquidation in accordance with the provisions of section 258 of the Companies Code, 1963 (Act 179) alleging that the company may not be able to pay its debts in full within the period stated in the declaration of insolvency, the Registrar may make a winding up order converting the private liquidation into an official winding up.

(2) The allegation made under the preceding subsection shall be accompanied by a statement in the prescribed form of the company's assets and liabilities.

(3) For the purposes of this section any proceedings taken on a private liquidation shall, unless the Court otherwise directs, be deemed to have been validly taken.