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

Original text. Later amendments are not shown.

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.