Identify FIVE (5) situations in which a company can be ordered by court to wind up. (8 marks)
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Situations in which a company can be ordered to be wound up
- Suspension of authorized business for a whole year
- Company has no members
- Business or objects of the company are unlawful
- Company is operating an illegal purpose
- Company is unable to pay its debts
- If court determines that it is just and equitable
(Any 4 points)