Section 32: Winding-up petition.

(1) A petition for the winding-up of an insurer may be presented to the Court either-
(a) subject to the approval of the Commission by not less than 50 policy-holders, each of whom holds a policy that has been in force for not less than 3 years, on the grounds specified in section 408 and 409 of the Companies and Allied Matters Act 1990; or
(b) by the Commission on any of the following grounds, that is-
(i) that the registration of the insurer has been cancelled in accordance with section 8 (2) of this Act, or
(ii) that the insurance company cannot be revived despite the intervention of the Commission.
(2) The provisions of the Companies and Allied Matters Act 1990 shall have effect, subject to this Act, as if the petition under subsection (1) of this section was presented under that Act.
(3) In all cases the Commission shall monitor the winding-up processes.
(4) Notwithstanding the provisions of the Companies and Allied Matters Act 1990 or any other enactment, the following priority list shall be followed in settling debts owed by the company-
(a) liquidation fees;
(b) secured creditors;
(c) policy-holders;
(d) other creditors;
(e) staff; and
(f) shareholders and Directors.