Professional Documents
Culture Documents
Legal Aspects of Business
Legal Aspects of Business
Legal Aspects of Business
c Meaning of winding up
c Modes of winding up
c Winding up by the court
Grounds of compulsory winding up
Petition
c Power of Court
c Consequences of winding up order
c Procedure of winding up by the court
Official liquidator
Liquidator
Provisional liquidator
Statement of affairs
Committee of inspection
General powers of the court
Dissolution of company
c Voluntary winding up
Type f voluntary winding up
Membersǯ voluntary winding up
Creditors voluntary winding up
Style of Liquidator(sec.452)
The liquidator shall be described by the
style of the official liquidator of the
particular company in respect of which he
act and not by his individual name.
Provisional Liquidator(Sec.450)
t any time the presentation of a winding
up petition and before the making of a
winding up order, the court may appoint
the official liquidator to be the liquidator
provisionally.
d
d
Within 21 days of relevant date (i.e.
the date of appointment of a provisional liquidator, or
where no such appointment is made, the date of winding up
order), the company shall submit a statement to the official
liquidator as to affairs of the company.
1. The assets of the company, showing separately cash in
hand and at bank and negotiable securities.
2. Its debts and liabilities.
3. Names, residence and occupations, of its creditors, stating
separately the amount of secured and unsecured debts.
4. In the case of secured debts, particulars of the securities
held by the creditors, their value and dates on which they
were given.
5. The debts due to the company and names and the address
of the persons from whom they are due and the amount
likely to be realised.
6. Such further information may be required by the official
liquidator.
c dvertisement of resolution(sec.485)
1. Membersǯ voluntary winding up, or
2. Creditorsǯ voluntary winding up
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Declaration of solvency(sec.488)
The declaration shall be made by a
majority of the directors at a meeting of
the board that the company has no debts
or that it will be able to pay its debts in
full within 3 years from the
commencement of winding up.
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1. ppointment and remuneration of
liquidators
2. boardǯs powers to cease on appointment of a
liquidator
3. Power to fill vacancy in office of liquidator
4. Notice of appointment of liquidator to be
given to registrar
5. Power of liquidator to accept shares
6. Duty to call general meeting at end of each
year
7. Final meeting and dissolution
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