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Winding up a company Introduction |
| [ Publication date Jan 01, 2001 ] |
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A Petition for Winding up of the company may be presented either by the company itself, a creditor/shareholder of the company, or the Liquidator if: -- The company is unable to pay its debts.
- At a general meeting at least 75% of the shareholders approve a decision to wind up the company.
- The company has defaulted in delivering its statutory report to the Registrar of Companies or in holding its statutory meeting.
- The company does not commence business within one year from its incorporation or suspends businessfor a whole year.
- The directors have acted contrary to the interests of the shareholders of the company.
- The number of shareholders of the company is less than two (except where the shares are wholly owned by another company).
- When the period of existence of the company fixed by the Memorandum or Articles expires or an event occurs which is a ground for dissolution under its Memorandum or Articles.
- It is just and equitable to wind up the company.
- The company is being used for unlawful purposes.
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