Companies Act 2014 section 572

Powers of court on hearing petition

Section 572 sets out the powers available to the court when it hears a petition to wind up a company, including the options to dismiss, adjourn, or make orders, and the conditions that must be satisfied before a winding-up order can be made.

• The court may dismiss a winding-up petition, adjourn the hearing (with or without conditions), or make any interim or other order it considers appropriate — but it cannot refuse a winding-up order solely because the company's assets are fully mortgaged or the company has no assets.
• Before making a winding-up order, the court must be satisfied either that the company has no obligations to NAMA in respect of transferred bank assets, or that NAMA has been served with the petition and given an opportunity to be heard.
• In certain circumstances, the court may direct that a court-ordered winding up proceed as though it were a members' voluntary winding up, with the relevant voluntary winding-up provisions applying accordingly.
• If the original petitioner does not proceed, the court may substitute another eligible person as petitioner on whatever terms it considers just.