Chap 12 Winding Up

Question 1

Winding up of a company

Answer 1

By court
Voluntary
Subject to supervision of court

Question 2

Circumstances for winding up by court

Answer 2

1. By Special resolution
2. Default in statutory meeting/statutory report
3. Default in 2 consecutive AGm/Fs/ Annual return
4. Members below minimum numbers
5. Unable to pay debt
6. Listed co is de listed or suspends (for whole year)
7. License of sole activity is revoked
8. License of ANFP is revoked
9. Business is unlawful
10. Mgmt Does not maintain records, commit fraud or refuses to act in accordance with articles, memo, act, registrar or commission
11. If court thinks just and equitable