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.
A company shall be deemed to be unable to pay its debts—
(a)if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding fifty pounds then due has served on the company, by leaving it at the registered office of the company, a demand under his hand requiring the company to pay the sum so due and the company has for three weeks thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor; or
(b)if, in England or Northern Ireland, execution or other process issued on a judgment, decree or order of any court in favour of a creditor of the company is returned unsatisfied in whole or in part; or
(c)if, in Scotland, the induciae of a charge for payment on an extract decree, or an extract registered bond, or an extract registered protest have expired without payment being made; or
(d)if it is proved to the satisfaction of the court that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the court shall take into account the contingent and prospective liabilities of the company.