Section 571 CAMA 2020

Section 571 Companies and Allied Matters Act is about Circumstances in which companies may be wound up by Court. It is under Chapter 21 (Winding-up by the court jurisdiction) of the Act.

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 Commission or in holding the statutory meeting ;

(c) the number of members is reduced below two in the case of companies with more than one shareholder ;

(d) the company is unable to pay its debts ;

(e) the condition precedent to the operation of the company has ceased to exist ; or

(f ) the Court is of opinion that it is just and equitable that the company should be wound up