Circumstances in which company may be wound-up by court

(1) A company may be wound-up by the court ifmay be wound- up by court. (a) the company has by special resolution resolved that the company be wound-up by the (b) default is made in filing the statutory report 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) in the case of a company other than a private company, the number of members is reduced below seven; (e) the company is unable to pay its debts; 108 (f) the court is of opinion that it is just and equitable that the company should be wound- up. (2) A company to which the Insurance Act applies may be wound-up by the court if a petition is presented under section 51 or 52 of that Act. CAP. 251.