Winding-up and Restructuring Act

Marginal note:Cases where winding-up order may be made

10 A court may make a winding-up order in respect of a company

• (a) where the period, if any, fixed for the duration of the company by the Act, charter or instrument of incorporation of the company has expired, or where an event, if any, has occurred, on the occurrence of which it is provided by the Act, charter or instrument of incorporation that the company is to be dissolved;

• (b) if the company at a special meeting of shareholders — or, if the company is a federal credit union, at a special meeting of members or shareholders — called for the purpose has passed a resolution requiring the company to be wound up;

• (c) when the company is insolvent;

• (d) when the capital stock of the company is impaired to the extent of twenty-five per cent thereof, and when it is shown to the satisfaction of the court that the lost capital will not likely be restored within one year; or

• (e) when the court is of opinion that for any other reason it is just and equitable that the company should be wound up.