Section 117Part 5 — Company Restructuring and Winding Up
Commencement of winding up
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A voluntary winding up is deemed to commence —
at the time of the passing of the resolution for winding up; or
on the expiry of the period or the occurrence of the event specified in the company ’ s memorandum or articles of association, notwithstanding that a supervision order is subsequently made by the Court.
Subject to any contrary provision in its memorandum or articles of association, the voluntary winding up of an exempted limited duration company is taken to have commenced upon the expiry of a period of ninety days starting on —
the death, insanity, bankruptcy, dissolution, withdrawal, retirement or resignation of a member of the company;
the redemption, repurchase or cancellation of all the shares of a member of the company; or
the occurrence of any event which, under the memorandum or articles of associ ation of the company, terminates the membership of a member of the company, unless there remain at least two members of the company and the company is continued in existence by the unanimous resolution of the remaining members pursuant to amended memorandu m and articles of association adopted during that period of ninety days.