Section 122(1)

A company may be wound up by the court if— the company has by special resolution resolved that the company be wound up by the court, being a public company which was registered as such on its original incorporation, the company has not been issued with a trading certificate under section 761 of the Companies Act 2006 (requirement as to minimum share capital) and more than a year has expired since it was so registered, it is an old public company, within the meaning of the Schedule 3 to the Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009, the company does not commence its business within a year from its incorporation or suspends its business for a whole year; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the company is unable to pay its debts, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the court is of the opinion that it is just and equitable that the company should be wound up.

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Source: legislation.gov.uk · retrieved 2026-09-04