324. Statutory declaration of solvency in case of proposal to wind up voluntarily

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 declaration to the effect that they have made a full inquiry into the affairs of the company and that they are of the opinion that the company will be able to pay its debts in full within such period not exceeding twelve moths, from the date of commencement of the winding up as may be specified in the declaration.

A declaration made under the provisions of subsection (1) shall have no effect for the purposes of this Act, unless—

A winding up in the case of which a declaration has been made and delivered in accordance with the provisions of this section, is in this Act referred to as “a shareholders’