COMPANY LAW — Winding-Up — Appointment of Provisional Liquidator — Requirement of Sufficient Grounds Established by Affidavit Evidence of Facts

Appointing a provisional liquidator can paralyze a company and create panic. The court requires clear, affidavit-disclosed facts showing the winding-up petition is likely to succeed. The court cannot appoint on vague allegations or partial disclosure. The principle applies to winding-up proceedings. The court must act…