Creditors’ voluntary winding-up: The creditors would be mainly concerned if the company arrives at the decision that it should wind-up itself because of the inability to meet its liabilities. Therefore: (i) […]
Company Law - 102. page
Members’ voluntary winding-up
Members’ voluntary winding-up: (i) Directors (both where 2 directors majority where more than 2 directors) have to make a declaration of solvency under Section 488 at the Board Meeting. This declaration together […]
Provisions applicable to every voluntary winding-up
Provisions applicable to every voluntary winding-up: These provisions are contained in Sections 510 to 521. These are summarised below: (a) As regards the distribution, on realisation of the assets of the […]
Steps to be taken in a case where the company is solvent but the business for which it was formed has been completed
Steps to be taken in a case where the company is solvent but the business for which it was formed has been completed : (a) Prepare a statement of its assets […]
Position of a ‘voluntary’ liquidator
Position of a ‘voluntary’ liquidator: It has been held that a voluntary liquidator is not an officer of the Court, [Re. Hills Waterfall etc. Co. (196) Ch. 946, 954].- also that […]
Duties and responsibilities of liquidator in creditors’ voluntary winding-up
Duties and responsibilities of liquidator in creditors’ voluntary winding-up: The liquidator in a creditors’ voluntary winding-up administers the company is very much the same way in which the directors administer it […]
Procedure of creditors’ voluntary winding-up
Procedure of creditors’ voluntary winding-up: (1) The creditors of a company would be mainly concerned if the company arrives at the decision that it should wind -up itself because of its inability […]
Procedure of members’ voluntary winding-up
Procedure of members’ voluntary winding-up: The procedure for a member’s voluntary winding-up of a company is narrated below: (i) At the Board’s meeting, the directors have to make a declaration of […]
Procedure of winding-up
Procedure of winding-up: The procedure applicable to the two types of voluntary winding-up is somewhat different. The provisions under Sections 490 to 498 are applicable to a members’ voluntary winding-up, whereas Sections […]
Creditors’ voluntary winding-up
Creditors’ voluntary winding-up: Where the declaration of solvency, referred to under members’ voluntary winding-up has not been made by the directors and filed with the Registrar, the winding-up is known as a […]