A company may be wound up by the court if: (a) It resolves to do so by special resolution; (b) it fails to file the statutory report or hold statutory meeting or any two consecutive annual general meetings; (c) it fails to commence business within one year from date of its incorporation or suspends its business for one year; (d) number of its members is reduced below statutory minimum; (e) it is unable to pay its debts; (f) it is carrying on unlawful or fraudulent activities or business not authorised by its memorandum or which is oppressive to any of its members or is run by persons who fail to maintain proper accounts or commit fraud in relation to company or who refuse to act according to its constitution or Ordinance; (g) being listed with stock exchange, it ceases to be so listed; or, (h) in court’s opinion it is just and equitable that company should be wound up. Company may be wound up voluntarily: (a) When period (if any) fixed by articles for duration of company expires or event, if any, occurs on occurrence of which articles provide that it is to be dissolved and company in general meeting passes resolution to be wound up voluntarily; or (b) if it resolves to do so by special resolution. When company has resolved to wind-up voluntarily, court may order that winding-up will continue subject to court’s supervision.
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