204 Early dissolution (Scotland)
204 Early dissolution (Scotland)

(1)     This section applies where a winding-up order has been made by the court in Scotland.

(2)     If after a [liquidator has been appointed] under section 138 (appointment of liquidator in Scotland) it appears to the liquidator that the realisable assets of the company are insufficient to cover the expenses of the winding up, he may apply [the liquidator may at any time apply] to the court for an order that the company be dissolved.

(3)     Where the liquidator makes that application, if the court is satisfied that the realisable assets of the company are insufficient to cover the expenses of the winding up and it appears to the court appropriate to do so, the court shall make an order that the company be dissolved in accordance with this section.

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