199 Statutory declaration of solvency

199 Statutory declaration of solvency

Where it is proposed to wind up a company voluntarily, the directors of the company (or, in the case of a company having more than two directors, the majority of the directors) may at a meeting of the directors make a statutory declaration1 to the effect that they have made a full inquiry into the affairs of the company, and that, having done so, they have formed the opinion that the company will be able to pay its debts in full together with interest at the official rate2 within such period, not exceeding 12 months