Where—
a magistrates' court has, or is treated by any enactment as having, adjudged a company by a conviction to pay a sum; and
the court has issued a warrant of control under section 76(1) above for the purpose of levying the sum; and
it appears on the return to the warrant that the company's money and goods are insufficient to pay the amount outstanding,
the designated officer for the court may make an application in relation to the company under section 124 of, or paragraph 12 of Schedule B1 to, the Insolvency Act 1986 (administration or winding up).
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In this section, "the amount outstanding" has the meaning given by paragraph 50(3) of Schedule 12 to the Tribunals, Courts and Enforcement Act 2007.