A Company may be wound-up by the Court under the following circumstances; (that is to say)
     (1) Whenever the Company in general meeting has passed a special resolution requiring the Company to be wound-up by the Court ;
     (2) Whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the, space of a whole year ;
     (3)Whenever the shareholders are reduced in. number to less than seven ;
     (4) Whenever the Company is unable to pay its debts ;
     (5) Whenever three-fourths of the Capital of the Company have been lost or become unavailable.