A company that can apply for deregistration is limited to either a local private company that has ceased operations and fully settled all of its outstanding debts or a local company limited by guarantee that does not fall under any of the categories specified in section 749(2) of the Companies Ordinance. In other words, to be eligible for deregistration, the company must meet these specific conditions: it must be no longer operating, have resolved all financial obligations, or, in the case of a company limited by guarantee, it must not fall into any of the restricted categories outlined in the legislation.