Section 3

(1)Any person who is

(a) a creditor of a company, or

(b) a member or contributory of a company,

may present a petition to the Registrar for the official winding up of the company: 

Provided that,

(a) in the case of a company with shares a member shall not be entitled to present a winding up petition unless his shares, or some of them, either were originally allotted to him or have been held by him, and registered in his name for at least six months during the eighteen months preceding the date of the presentation of the petition or have devolved on him by operation of law;

(b) the Registrar shall not consider a winding up petition presented by a contingent or prospective creditor unless such security for costs has been given as the Registrar thinks reasonable and until a prima facie case for winding up has been established to the satisfaction of the Registrar. 

(2) The Registrar may order the official winding up of the company on such petition if satisfied that the company is unable to pay its debts.