Circumstances of winding up by court for a Private Company

Section 465 Companies Act 2016 sets out the circumstances in which a company may be wound-up by the Court.

Examples of circumstances of winding up by court:

1. The company has by special resolution resolved that the company is to be wound up by the court.
2. The company defaults in lodging the statutory declaration under subsection 190(3) Companies Act 2016.
3. The company does not commence business within a year from its incorporation or suspends its business for a whole year.
4. The company has no member.
5. The company is unable to pay its debts.

More information : Section 465 Companies Act 2016