303. Evidence of inability to pay debts

For the purposes of an application under paragraph (c) of subsection (2) of section 298, evidence of failure for twenty one days from the date of service of a statutory demand to comply with the demand shall not be admissible as evidence that the company is insolvent and the presumption in subsection (4) of section 409 shall not apply, by reason of such failure unless the application is made within thirty working days after the last date for compliance with the demand.