PART VWinding Up.

(ii) WINDING UP BY THE COURT

Cases in which Company may be wound up by Court.

222Circumstances in which company may be wound up by court.

A company may be wound up by the court if—

(a)the company has by special resolution resolved that the company be wound up by the court;

(b)default is made in delivering the statutory report to the registrar or in holding the statutory meeting;

(c)the company does not commence its business within a year from its incorporation or suspends its business for a whole year;

(d)the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven;

(e)the company is unable to pay its debts;

(f)the court is of opinion that it is just and equitable that the company should be wound up.