Clause 218

the company has by special resolution resolved that it be wound up by the Court;

default is made by the company in lodging the statutory report or in holding the statutory meeting;

the company does not commence business within a year from its incorporation or suspends its business for a whole year;

the number of members is reduced in the case of a company (other than a company the whole of the issue shares in which is held by a holding company) below two;

the company is unable to pay its debts;

the directors have acted in the affairs of the company in their own interests rather than in the interests of the members as a whole, or in any other manner whatsoever which appears to be unfair or unjust to other members;

an inspector appointed under Part IX has reported that he is of opinion —

that the company cannot pay its debts and should be wound up; or

that it is in the interests of the public or of the shareholders or of the creditors that the company should be wound up;

when the period, if any, fixed for the duration of the company by the memorandum or articles expires or the event, if any, occurs on the occurrence of which the memorandum or articles provide that the company is to be dissolved;

the Court is of opinion that it is just and equitable that the company be wound up;

the company has held a licence under any written law relating to banking, and that licence has been revoked or has expired and has not been renewed; or

the company has carried on banking business in Singapore in contravention of the provisions of any written law relating to banking.[U.K.ss. 222, 223.][Aust. s. 222.]

a creditor by assignment or otherwise to whom the company is indebted in a sum exceeding five hundred dollars then due has served on the company by leaving at the registered office a demand under his hand or under the hand of his agent thereunto lawfully authorized 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;

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

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.