(a ) his executors shall, as such, be placed on the list of contributories in his stead and be liable accordingly; or (b ) if his estate has passed into the hands of his heirs or legatees they shall be liable for his contribution to such extent and in such proportions as they would, by law, respectively be liable for debts of the e state payable but unprovided for at the time of distribution thereof and shall be placed on the list of contributories accordingly. (2 ) If a contributory becomes insolvent or assigns his estate under the law relating to insolvent estates, either before or after he has been placed on the list of contributories, then— (a ) his trustee in insolvency or his assignee, as the case may be, shall represent him for all the purposes of the winding up and shall be a contributory accordingly; and (b ) there may be proved against the estate of the insolvent or of the debtor who has assigned his estate the estimated value of his liability to future calls, as well as calls already made. Definition of Inability to Pay Debts 205 When company deemed unable to pay its debts A company shall be deemed to be unable to pay its debts — (a ) if a creditor, by cession or otherwise, to whom the company is indebted in a sum exceeding one hundred dollars then due, has served on the company a demand requiring it to pay the sum so due by leaving the demand at its registered office and if the company has for three weeks thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor; or (b ) if the execution or other process issued, on a judgment, decree or order of any competent court in favour of a creditor, against the company is returned by the Sheriff or messenger with the endorsement that no assets could be found to satisfy the debt or that the assets found were insufficient to do so; or (c) if it is proved to the satisfaction of the court that the company is unable to pay its debts and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company. Winding Up by the Court 206 Circumstances in which company may be wound up by court A company may be wound up by the court— (a ) if the company has by special resolution resolved that the company be wound up by the court; (b ) if default is made in lodging the statutory report or in holding the statutory meeting; (c) if the company does not commence its business within a year from its incorporation or suspends its business for a whole year; (d ) if the company ceases to have any members; (e) if seventy-five per centum of the paid -up share capital of the company has been lost or has become useless for the business of the company; (f) if the company is unable to pay its debts; (g ) if the court is of opinion that it is just and equitable that the company should be wound up. 207 Petition for winding up company (1 ) An application to the court for the winding up of a company shall be by petition presented, subject to this section, by the company or by any creditor or creditors, including any contingent or prospective creditor or creditors, contributory or contributories or by all or any of those parties together or separately or, in a case falling within subsection (2 ) of section one hundred and sixty-two , by the Minister accompanied, save in the case of a petition by the Minister, by a certificate of the Master, Assistant Master or a magistrate that due security has been found for payment of all fees and charges necessary for the prosecution of all proceedings until the appointment of a liquidator: Provided that— (i) a contributory shall not be entitled to present a petition for winding up a company unless— (a ) the number of members of the company is reduced below two; or (b ) the shares in respect of which he is a contributory, or some of them, 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 before the commencement of the winding up or have devolved upon him through the death of a former holder; (ii) a petition for winding up a company on the ground of default in lodging the statutory report or in holding the statutory meeting shall not be presented by any person except a member, nor before the expiration of fourteen days after the last day on which the meeting ought to have been held; (iii) the court shall not grant a petition for winding up a company by a contingent or prospective creditor until a prima facie case for winding up has been established to the satisfaction of the court.