Winding up for inability to pay debts, with liquidation and asset restraint ordered pending takeover by the Official Liquidator.

The company was found unable to discharge its current liabilities and financial obligations on the materials placed before the Court, after it did not enter appearance despite newspaper notice. Winding up was treated as justified as being just, equitable and in the public interest. The company was ordered to be wound up, the Official Liquidator was appointed to take charge of its assets and affairs, and restraint orders were issued to prevent dealings with the assets until takeover.

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Issues: Whether the respondent-company was unable to pay its debts and whether an order for winding up was warranted.

Analysis: The respondent-company did not enter appearance despite newspaper publication of notice. On the materials placed before the Court, the company was found to be unable to discharge its current liabilities and financial obligations. In those circumstances, the Court held that winding up was justified as being just, equitable, and in the public interest.

Conclusion: The respondent-company was ordered to be wound up, the Official Liquidator was appointed to take charge of the company's assets and affairs, and restraint orders were issued against dealing with the assets until takeover by the Official Liquidator.

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