State the circumstances in which a company may be wound up by the Court.

Section 241 states the following circumstances under which a company may be wound up by the Court:

i. lf the company has by special resolution resolved that the company be wound up by the Court; or
ii. lf default is made in filing the statutory report or in holding the statutory meeting; or
iii. lf the company does not commence its business within a year from its incorporation, or suspends its business for a whole year; or
iv. lf 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; or
v. lf the company is unable to pay its debts; or
vi. If the Court is of opinion that it is just and equitable that the company should be wound up.