Part XVII Protection of Company’s Members against Unfair Prejudice

C1460 Order on application of Secretary of State.

1

If in the case of any company—

a

the Secretary of State has received a report under section 437, or exercised his powers under section 447 or 448 of this Act or F1section 43A or 44(2) to (6)of the M1Insurance Companies Act 1982 F2 . . ., and

b

it appears to him that the company’s affairs are being or have been conducted in a manner which is F3unfairly prejudicial to the interests of its members generally or of some part of its members, or that any actual or proposed act or omission of the company (including an act or omission on its behalf) is or would be so prejudicial,

he may himself (in addition to or instead of presenting a petition F2 . . . for the winding up of the company) apply to the court by petition for an order under this Part.

C22

In this section (and, so far as applicable for its purposes, in the section next following) “company” means any body corporate which is liable to be wound up under this Act.