Application to be made in the event of inability of company to pay liabilities

Application to be made in the event of the inability of the company to pay liabilities:

If, after the liquidator has commenced proceedings of liquidation of accompanying under this Chapter, he/she is satisfied that the company is insolvent and is not able to pay debts required to be paid or discharge liabilities required to be discharged in full he/she shall make an application to have a review of insolvency of the company in accordance with the prevailing law on insolvency.