(1) This section applies in relation to a company that is not being wound up where -
(a) execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(b) it is proved to the satisfaction of the court that the company is unable to pay its debts, taking into account the contingent and prospective liabilities of the company, and
it appears to the court that the reason or the principal reason for its not being wound up is the insufficiency of its assets.
(2) The following sections, with the necessary modifications, shall apply to a company to which this section applies, notwithstanding that it is not being wound up -
(a) sections 139, 140, 148, 149 or 149A, 203, and 204, and
(b) the provisions of the Principal Act mentioned in the Table to this section.
(2A) The Director may apply to the court pursuant to this section for an order or judgement, as the case may be, under any of the s