COMPANIES ACT 1963 – SECT 213 Circumstances in which company may be wound up by the court.
213.—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;
( g ) the court is satisfied that the company’s affairs are being conducted, or the powers of the directors are being exercised, in a manner oppressive to any member or in disregard of his interests as a member and that, despite the existence of an alternative remedy, winding up would be justified in the general circumstances of the case so, however, that the court may dismiss a petition to wind up under this paragraph if it is of opinion that proceedings under section 205 would, in all the circumstances, be more appropriate.