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Issues: Whether the respondent company was liable to be wound up on the ground that it was commercially insolvent and unable to pay its debts.
Analysis: The petition was founded on an admitted debt and a prior consent arrangement under which the company undertook to pay the amount in instalments. The company defaulted in payment, resulting in admission and advertisement of the winding up petition. At the final hearing, the Court recorded that the company was commercially insolvent and unable to pay its debts, and noted the statement made on instructions for the company that it be wound up.
Conclusion: The company was ordered to be wound up and the official liquidator was appointed to take charge of its assets and records.
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