JUDGMENT

Thomson CJ:

The facts of this case are sufficiently set out in the judgment of Ong J in the Court below and in the judgment of Hill JA which I have had the advantage of reading.

The application for winding up was made under s. 166(6) of the Companies Ordinance, 1940, which provides that a company may be wound up by the Court if "the Court is of opinion that it is just and equitable that the company should be wound up.

In the case of In re Yenidje Tobacco Company, Ltd. [1916] 2 Ch 426 it was held that where, as here, there is an association which is in substance a partnership, though in the guise of a private company, the corresponding provision contained in s. 129 of the Companies (Consolidation) Act, 1908, should be applied on the same principles as in a case of dissolution of partnership.

Again, it is to be observed there is no general rule to the applied as to when it is just and equitable that there should be a compulsory winding up. In the case of Loch v. John Blackwood, Ltd. [1924] AC 783,788. Lord Shaw of

Dunfermline referred to what should be the point of view of the Court in a consideration of the justice and equity of pronouncing an order for winding up and s