this is a common reason for "winding up," when the directors have concluded that the company cannot meet its debts and is unable to continue trading. This allows an insolvent company to place itself into liquidation without the need for a court order.
An insolvent company that is put into liquidation by resolution of it's members.
An insolvent company, where the shareholders of the company pass resolutions to place the company into liquidation or, alternatively, an Administrator dealing with the affairs of the company files the required papers with the Registrar of Companies, placing the company into liquidation.