On the hearing of a winding‑up petition the court may dismiss the petition, adjourn the hearing conditionally or unconditionally, make any interim order or any other order it thinks fit, but shall not refuse to make a winding‑up order solely because the company’s assets are mortgaged to an amount equal to or in excess of those assets or because the company has no assets. The court shall not make a winding‑up order unless it is satisfied the company has no obligations in relation to a bank asset transferred to the National Asset Management Agency (NAMA) or, if such obligations exist, a copy of the petition has been served on that Agency and the Agency has been heard; in deciding whether it is just and equitable the court shall have regard to whether the requirements of section 571(1A) have been met, and ‘‘bank asset’’ and ‘‘NAMA group entity’’ have the meanings given in the National Asset Management Agency Act 2009.

Upon making an order to wind up a company based on the grounds in paragraphs (a), (b), (c), (e) or (f) of section 569(1), the court may order that the company be wound up as if it were a members' voluntary winding up and, in that event, the provisions of the Part apply accordingly. Where a petitioner does not proceed with a petition the court may, on terms it deems just, substitute as petitioner any person who would have the right to present a petition and who wishes to proceed.