Insolvency Act · 2022 Revised Edition · Chapter VI
99. Circumstances in which company may be wound up by Court
Official textFrom Attorney General's Chambers, unchanged
A company may be wound up by the Court if —
company
“company” means a company incorporated or registered under the Companies Act;
the company has by special resolution resolved that the company be wound up by the Court;
being a public company which was registered as such on its original incorporation, the company has not been issued with a certificate of incorporation under the Companies Act (Chapter 39)
relating to the requirement as to minimum share capital and more than a year has expired since it was so registered;
the company does not commence its business within a year from its incorporation or suspends its business for a whole year;
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;
Insolvency
the company is unable to pay its debts;
at the time at which a moratorium for the company under section 9 comes to an end, no voluntary arrangement approved has effect in relation to the company;
the Court is of the opinion that it is just and equitable that the company be wound up.
the directors have acted in the affairs of the company in their own interests rather than in the interests of the members as a whole, or in any other manner whatever which appears to be unfair or unjust to other members.
On an application for winding up on the ground specified in subsection (1)(g) or (h), instead of making an order for the winding up, the
Court may, if it is of the opinion that it is just and equitable to do so, make an order for the interests in shares of one or more members to be purchased by the company or one or more other members on terms to the satisfaction of the Court.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
voluntary arrangement
Defined · s 3“voluntary arrangement” means the voluntary arrangement described in section 8.
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Chapter X
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