Winding up
Special provision as to winding up
23.  The court may order the winding up of a trust company in accordance with the Companies Act and the provisions of that Act shall apply accordingly, subject, however, to the modification that the company may be ordered to be wound up on application made on behalf of the Minister showing —
(a)that the company has made default in complying with a requirement of this Act and the default has continued for a period of two months after notice of default has been served upon the company; or
(b)that from the consideration of the report of an inspector appointed under section 22 it appears to him that the company is insolvent or has committed a breach of trust.