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Tanzania decisions
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Petitioner lacked capacity as administrator's tenure had expired; failed to substantiate grounds for winding up, including inability to pay debts; company has potential for revival and winding up would not be just and equitable. Petition dismissed.
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The petitioner satisfied statutory requirements for winding up by special resolution and demonstrated inability to pay debts, justifying winding up under the Companies Act.
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The petitioners lacked locus standi to present the winding up petition in the name of the company based on a board resolution rather than a members' resolution, violating the Companies Act and Articles of Association. Without locus standi, the Court lacks jurisdiction to entertain the petition.
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The appellant, acting as receiver manager under the debenture, was not personally liable for the company's debts as there was no sufficient proof of fraud. The company, not the appellant, is liable for the debts incurred during receivership.
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