1 Winding Up of Companies 1. Introduction 2. Winding Up & Dissolution 3. Reasons for Winding Up A Company 4. Modes of Winding Up A Company 5. Grounds for Compulsory Winding Up 6. Power of the Court after Winding Up Order 7. Powers & Duties of the Official Liquidators 8. Declaration of Solvency 9. Members Voluntary Winding Up 10. Creditors Voluntary Winding Up 11. Winding Up under Supervision of the Court
2 Introduction The winding up of a company is a process which involves ending the life of the company and administering its property for the benefit of its creditors and members. In this process, the assets of the company are collected & realised to the payment of its debt. If after realising the creditors, company finds surplus which is distributed among the members on the other hand if there is any deficit, every member of the company must contribute to the assets of the company. After completion of these formalities prescribed by the Companies Act, the company is dissolved and its name is removed from the Registrar of Companies.
3 Winding Up & Dissolution Generally, the terms winding up and dissolution used to mean the same thing, but according to Companies Act, these two terms are quite different by their legal procedures. The differences between them are as below: Points Winding Up Dissolution Main Feature Proceedings The first stage and involves realising of assets, paying off liabilities & distribution of surplus if any. Carried out by the liquidator appointed by the company/court. The second stage in which a company is finally dissolved. Order can be issued only by the court. Liquidator s Duties Debt Liquidators represents the company. Creditors can prove their debts. Liquidator can not represent company. Creditors cant prove their debts.
4 Reasons for Winding Up A Company The winding up of the company may arise by any one or more of the following reasons: 1. If the object of the company for which it was established have been accomplished. 2. If company unable to carry out its main object. 3. If company has to dispose of its business or the undertaking to another company or an individual. 4. If company is unable to pay its creditors in full.
5 Modes of Winding Up A Company Modes of Winding Up By The Court Compulsory Winding Up [ Sec ] Voluntary Winding Up [ Sec ] Winding Up Under the Supervision of the Court [ Sec ] Members Voluntary Winding Up Creditors Voluntary Winding Up
6 Grounds for Compulsory Winding Up The grounds on which a company can be compulsorily wound up by the court are as follows. 1. If the company itself has passed a special resolution for the winding up by the court. 2. If the statutory report is not filed with the Registrar or company fails to hold the statutory meeting within prescribed time. 3. If the number of members of the company falls below 2 in case of private company and below 7 in case of public company. 4. If company is unable to pay the debts in full.
7 Grounds for Compulsory Winding Up A company will be deemed to be unable to pay its debt under the following conditions: a) If it is proved to the court s satisfaction that the company is unable to pay its debts. b) If the process issued on a decree order of a court in favour of a creditors has not been satisfied. 5. If the court is of the opinion that it is just and equitable that the company should wound up. It should be wound up under following circumstances: a) When the main object of the company for which it was established was failed. b) When the business of the company becomes illegal.
8 Petition for Winding Up (Section 439) A petition for the winding up of a company may be presented to the court by any of the following parties: 1. By a shareholders or contributory can present a petition on the following grounds: a) When No. of members of the company falls below prescribed limit. b) When the contributory has paid the calls in arrears. 2. By the company itself by passing a special; resolution. 3. By the Registrar of the Companies. 4. By any creditor or creditors, including any contingent or prospective creditor or creditors. 5. By the person authorised by the Central Government. 6. By the voluntary liquidator.
9 Power of the Court to dispose of Petition of Winding Up On hearing a petition for the winding up of the company, the court may take the following steps; 1. It may dismiss the application with or without costs. 2. It may adjourn the hearing conditionally/ unconditionally. 3. It may dispose of the application in any way it thinks fit. 4. It may make an interim order. 5. It may order the winding up of the company with or without coats or make any other orders as it thinks fit.
10 Effects of The Winding Up Order After the order has been made by the court for winding up of the company, its effects will be as follows; 1. No suits or legal proceedings can commence against the company without the permission of the court. 2. If a suit or legal proceedings against the company were pending it cannot be proceed with or without the permission of the court.
11 Effects of The Winding Up Order 3. Suits or legal proceedings by or against the company to be stayed on passing of the order or compulsory winding up. 4. The court will appoint the official liquidator for the winding up of the company. 5. Powers of the board of directors are terminated and they shall vest in the official liquidator. 6. Any debt payable at a future date becomes immediately payable.
12 Power of the Court after Winding Up Order To give stay order on receipt of the application for stay order either from auditor or contributor or from the official liquidator Directs the contributors who hold partly paid shares to pay the balance on such shares in case of inadequate funds to meet the liabilities & expenses Can order dissolution of company when it finds that: (i) it is difficult for the liquidator to proceed with winding up for wants of funds. (ii) the affairs of the company are completely wound up. The court has the power to exclude those creditors who fails to prove claims within the stipulated period for the benefit of any distribution to be made on behalf of the company
13 Powers of the Official Liquidators Powers of the Liquidators With Sanction of The Court Without Sanction of The Court To defend any suit, prosecution or other legal proceedings, civil or criminal in the same on behalf of the company To inspect the records and returns of company on the files of the Registrar To carry on the business of the company for beneficial winding up To draw, accept, make and endorse Bill of exchange, hundies, promissory notes in the name of & on behalf of company To raise money on the security of the assets of the company To take out in his official name, letters of administration to any deceased contributory
14 Duties of the Official Liquidators 1. He should take into custody and protect the assets of company. 2. He should submit a preliminary report to the court on company affairs. 3. He should keep proper books of accounts relating to the company. 4. He should keep all the funds of the company in the Public accounts of India in the RBI. 5. He should obey the court s order for the disposing of the company s books.
15 Contribution & Proceedings of the Committee of Inspection (Sec.465) 1. The committee shall not consist of more than 12 members representing the creditors & contributors. 2. The committee shall have power to inspect the accounts of the liquidator at any reasonable time. 3. The committee shall meet at such time as it may itself decide. 4. The quorum of the committee meetings shall be one third or two whichever is higher. 5. Any member of the committee may resign by giving written notice to the liquidator.
16 Duties of Secretary in case of Compulsory Winding Up 1. He should assist the directors in preparing the petition for the winding up of the company. 2. After the order of winding up passed by the court, the secretary should file with the Registrar within 30 days a certified copy of that order. 3. He must submit a statement of affairs of the company to the liquidator within 21 days of the date of winding up order. 4. He should furnish information regarding the company which the liquidators may require from time to time.
17 Voluntary Winding Up When the company wounds up itself by surrendering and realising its assets for the payment of debts, it can be called as voluntary winding up. Voluntary Winding Up By Members By Creditors Under Section 484 of the Companies Act, a company may wound up voluntarily: 1. When the period fixed for the duration of the company had expired by the articles. 2. If the company passes a special resolution to wind up the company voluntarily.
18 Voluntary Winding Up When an ordinary or special resolution has been passed for the winding up of the company, a notice of the same must be given within 14 days by an advertisement in the official gazette an in the newspaper of district. A voluntary resolution is deemed to commence from the date of the resolution and the company ceases to carry on its business from that date except it may be necessary for the beneficial winding up of such business (Sec.485 & 486).
19 Declaration of Solvency Section 488 of the Companies Act provides that when company proposed to wind up voluntarily, the majority of the directors make a declaration of solvency must be made: 1. Within five weeks preceding the date of passing the resolution for winding up and delivered to Registrar for registration before the date, along with: The balance sheet made out on the last mentioned date A statement of the assets & liabilities as on that date
20 Procedure-Members Voluntary Winding Up 1. Declaration of solvency must be made as per the provision of Section 488 of Companies Act. 2. The next step is to hold a general meeting of the members for passing the special resolution for the winding up. 3. The notice of the same must be given within 14 days by an advertisement in the official gazette and local newspaper. 4. The company can appoint a liquidator and fix his remuneration. 5. On appointment of liquidator, all powers of the Board of directors, managing directors ceases. 6. The liquidator shall exercise all powers of the board & do all such acts necessary for winding up of the company.
21 Secretary s Duties-Members Voluntary Winding Up 1. To arrange to hold board meetings for the voluntary winding up of the company. 2. To arrange to hold an extraordinary general meeting of the shareholders to pass a special resolution for winding up. 3. To file with registrar, a declaration of solvency as per the provisions of Section 488.
22 Secretary s Duties-Members Voluntary Winding Up 4. To se that liquidator properly appointed at fixed remuneration. 5. To see that every invoice, order & business letter issued by the company before the words under liquidation. 6. Making arrangement to provide all books, papers and documents as well as movable & immovable properties to the liquidator.
23 Procedure-Creditors Voluntary Winding Up When no declaration of solvency is made it is considered as a case of creditors voluntary winding up. Procedure for the same is as follows: 1. The company shall hold a meeting of creditors immediately after the general meeting of the members to pass a resolution for voluntary winding up. 2. The directors must prepare statement of affairs, list of creditors and statement of their claim and present them to the creditors meeting. 3. A liquidator must be nominated by members & creditors at their respective meetings. 4. The creditor s meeting may appoint a committee of inspection constituting not more than 5 members.
24 Secretary s Duties-Creditors Voluntary Winding Up 1. To call board meeting, to fix the date of general meeting and to hold a creditors meeting. 2. To see that notice of members meeting & creditors meeting are issued. 3. To see that the notice of creditors meeting is published in the official gazette & a local newspaper.
25 Provisions Applicable to Both Voluntary Winding Up [Sec.486, 487 & 511 to 520] 1. The voluntary winding up of the company considered to commence when resolution is passed for the same. 2. The business of the company ceases on the commencement of the winding up. 3. Even the company s business is ceased the corporate status and power of the company remains continue until it is dissolved.
26 Provisions Applicable to Both Voluntary Winding Up [Sec.486, 487 & 511 to 520] 4. The liquidator has power to prepare contributor s list, to make calls, call general meeting of the company. 5. Any question arising in the winding up of the company the court may approved by the liquidator or any contributor or creditor. 6. All costs, charges and expenses of winding up including remuneration of liquidator shall be payable by company s assets.
27 Members Vs. Creditors Voluntary Winding Up Members Voluntary Winding Up Creditors Voluntary Winding Up 1. It is possible when directors makes declaration of solvency before the registrar. 2. Here members appoint the liquidator. 3. Liquidator s remuneration is fixed at general meeting. 4. There will be no committee of inspection. 1. It is possible by insolvent companies so there is no need of declaration of solvency. 2. In this creditors and members may nominate the liquidator. 3. It is fixed by the committee of inspection. 4. Here committee of inspection exists.
28 Winding Up under Supervision of the Court When a resolution has passed for voluntary winding up by company, the court may order that it shall continue to the supervision of the court. The court interferes in the process of winding up of the company. The application for the court s supervision can be made by creditor or contributor or the company itself or the liquidator. This is the mode of winding up which safeguards the interest of the company, shareholders & the creditors.
29 Winding Up under Supervision of the Court The court may take following steps after the order is made for winding up for supervision of the court. 1. It appoints an additional liquidator or liquidators. 2. An appointed liquidator may removed for any complaint against him. 3. It may also appoint the official liquidator to fill up the vacancy of the liquidator caused by removal, death or registration. 4. The court may make a call.
30 Voluntary Vs. Winding Up under Supervision of the Court Voluntary Winding Up 1. The members & creditors' may appoint the liquidators. 2. Transfer of shares or alteration of status of members is possible only after liquidator s sanction.. 3. Attachment of the company property or sale of property does not require court s permission. 4. If any member or officer makes fraud against the company, the liquidator reports the matter to the Registrar. Winding Up under Supervision of the Court 1. The Court may appoint an additional liquidators & also remove him. 2. In this, transfer or alteration is not valid so the liquidator cannot sanction it. 3. In this case it require permission of court. 4. The prosecution of the fraudulent officers and members of the company may taken by the court.
31 Advantages There are some advantages of winding up of a company under Supervision of the Court, they are as follows: 1. It automatically operates as stay of suits and other proceedings against the company. 2. An additional liquidator may appointed by court. 3. The power of the liquidator may restricted by court. 4. The company cannot be dissolved without the order of the court.
SEC Guide SERIES SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN Guide on Winding up / Dissolution of Companies NIC Building, Jinnah Avenue, Islamabad, Pakistan Ph. No. : 051-9207091-4, Fax: 051-9204915
Winding Up Part 11 of the Draft Companies Bill Brendan Cooney Partner Contents of Presentation Part 11: Winding Up 1. Chapter 1 Preliminary and Interpretation 2. Chapter 2 Winding Up by the Court 3. Chapter
A guide to compulsory liquidations Introduction A compulsory liquidation is one instituted by the Courts as a result of a petition to the court by an interested party. The appropriate Courts for such actions
INSOLVENCY LAW DIFC LAW No. 3 of 2009 CONTENTS PART 1: GENERAL...4 1. Title...4 2. Legislative Authority...4 3. Application of the Law...4 4. Date of enactment...4 5. Commencement...4 6. Interpretation...4
DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY CONTENTS INTRODUCTION 1. General information 2. Voluntary arrangements 3. Administration
GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES CONTENTS PREFACE 1 1. Introduction 2 Section 1: Companies Incorporated under the Companies Ordinance, 1972 2 Part A: Preliminary 2 Part B: Winding Up by the
Liquidation of Companies Meaning: Liquidation is the legal procedure by which a company comes to an end. The term Liquidation mean The process of law where by a company is wound up to terminate its corporate
Circular No 16 @ November 2014 Corporate Insolvency Introduction The new Insolvency Act 2011 provides for the administration, receivership and liquidation of companies, and for the licensing of insolvency
Memoranda on legal and business issues and concerns for multiple industry and business communities Memorandum On Members Voluntary Winding-Up Of A Company In Singapore 1 Rajah & Tann 4 Battery Road #26-01
Voluntary Winding up under Companies Act 1956 By CA. Arun Saxena Chartered Accountants 414, Naurang House 21, Kasturba Gandhi Marg, New Delhi 110 001. Mob.: 9810037364 E-mail : firstname.lastname@example.org
Dealing with Debt How to wind up your own company Contents About this booklet 1 General information What is liquidation? What types of liquidation are there? Where can I get advice about liquidation? What
Voluntary liquidation under the BVI Business Companies Act 2004 JULY 2013 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject
11-010 1 (k) Officer includes any designated partner, partner, employee of the LLP and any person in accordance with whose directions or instructions the partners of the LLP have been accustomed to act;
Winding-up Act, R.S.Q. c. L-4 Last update: April 2007 R.S.Q., chapter L-4 Winding-up Act DIVISION I METHOD OF VOLUNTARY WINDING-UP Voluntary winding-up. 1. Any joint-stock company constituted by letters
A guide to creditors voluntary liquidations Introduction A company can be put into liquidation voluntarily, at the instigation of its directors, or compulsorily, by order of the Court. The effect, in either
CAYMAN ISLANDS Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 AJJ/999999/15644034v1 ORDER 1...12 CITATION, APPLICATION AND COMMENCEMENT...12
In the course of professional practice, practitioners may encounter instances where a solvent company is no longer required by its directors and members. Examples may include: A company is not operating.
CAYMAN ISLANDS Supplement No. 7 published with Gazette No. 5 dated 1 st March 2010. THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES, 2010 AJJ/999999/17932434v1 THE COMPANIES LAW
ROLE OF OFFICIAL LIQUIDATOR IN WINDING UP Submitted by Arathy Nair, CS Finalist INTRODUCTION In exercise of the powers conferred by Section 552 and clause (b) of the proviso to section 647, read with subsection
how to wind up your own company aug 2008.qxp:how to wind up your own company July 2008.qxd 26/03/2009 07:12 Dealing With Debt How to wind up your own company Page 1 Contents Page About this booklet....................................................3
WINDING UP A CAYMAN ISLANDS COMPANY INTRODUCTION WINDING UP A CAYMAN ISLANDS COMPANY A Cayman Islands company can be dissolved by the appointment of a liquidator or it can be dissolved without such appointment
Voluntary Winding up of Company Voluntary Winding up of Company Circumstances in which company may be wound up voluntarily 132. Subject to section 200(3), a company may be wound up voluntarily (a) when
MIA 7/2010 INSOLVENCY Learning the Essentials of Corporate Liquidation Liquidated d Co.. April 2010 Copyright April 2010 by the Malaysian Institute of Accountants ( MIA ). All rights reserved. Permission
BVI Financial Services Commission Registry of Corporate Affairs User Guides on the BVI Business Companies Act User Guide No. 5 Striking off and Liquidation of Companies Under the BVI Business Companies
This guide provides general information for creditors and shareholders of insolvent companies. Any queries may be addressed to Chris Johnson of Chris Johnson Associates Ltd. Guide To Compulsory Liquidation
Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey Introduction In light of recent changes to UK tax on residential property it may in certain circumstances
Comparison of Corporate Insolvency Procedures There are five categories of insolvency procedure for companies in England, Wales and Northern Ireland. These are: Company Voluntary Arrangement (CVA) Administration
PART IX WINDING-UP, DISSOLUTION AND STRIKING-OFF 89.A company incorporated under this Act shall commence to wind up and dissolve by a resolution of directors upon expiration of such time as may be prescribed
Cayman Islands Winding Up a Company Introduction This memorandum explains the procedure for both a compulsory and a voluntary winding up of a Cayman Islands' company, and sets out the duties of a liquidator.
WINDING UP Vika s Notes Winding-up Modes of Winding-up [Sec 425(1)] By the Court [Sec 433 to 483] Voluntary [Sec 484 to 521] Subject to supervision of the Court [Sec 522 to 527] General Provisions relating
The Principal Duties and Powers of Liquidators, Receivers & Examiners Information Book 7 Liquidators, Receivers & Examiners under the Companies Act The Principal Duties and Powers of Liquidators, Receivers
The Faster way to Corporate Death: MCA initiates Measures to Speedup Winding Up Vinod Kothari email@example.com Nidhi Ladha firstname.lastname@example.org Vinod Kothari & Company Check at: www.indiafinancing.com/staffpublications.htm
Liquidation and insolvency GPO8 July 2013 Companies Act 2006 This guidance is available in alternative formats which include Braille, large print and audio tape. For further details please email our enquiries
GUIDE Guide to Winding Up of Solvent and Insolvent Jersey Companies TABLE OF CONTENTS PREFACE...2 1. Summary Winding Up...3 2. Creditor s Winding Up...3 3. Bankruptcy...4 4. End of Period of Duration...5
GUIDE TO SUMMARY WINDING UP OF A JERSEY COMPANY CONTENTS PREFACE 1 1. Commencement of a Summary Winding up 2 2. Procedure for Commencing a Summary Winding up 2 3. Possible Appointment of a Liquidator 3
Insolvency and Liquidation There are many different ways of dealing with company debt. In most cases, an authorised insolvency practitioner will be appointed to manage a company s affairs once insolvency
Cayman Islands Insolvency Law Foreword This memorandum has been prepared for the assistance of those who are considering issues pertaining to the insolvency of companies in the Cayman Islands. It deals
5 th Floor Genesis Building Genesis Close PO Box 446 Grand Cayman, KY1-1106 Cayman Islands Client Guide Cayman Islands Winding Up and Insolvency Disclaimer: This memorandum is intended to provide basic
THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS
PART 12 STRIKE OFF AND RESTORATION Chapter 1 Strike off of company 726. When Registrar may strike company off register. 727. Grounds for involuntary strike off 728. Registrar s notice to company of intention
STATEMENT OF PURPOSES AND RULES FOR HORSHAM TABLE TENNIS ASSOCIATION INC. REGISTERED NUMBER: A0009391S (Amended at Special General Meeting held at Maydale Pavilion, Horsham Showgrounds, 7.30 pm on Tuesday
... Guide To Members Voluntary Liquidations Index 1. Introduction to Purnells 2. Introduction to Members Voluntary Liquidations ("MVLs") 3. What is an MVL? 4. How to place a Company into MVL. 5. Liquidators'
GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. When is a Company Insolvent under Cayman Islands Law? 2 3. Formal Insolvency Procedures 2 4. Creditors Rights 4 5. Voidable
PART XXXVI WINDING UP AND DEFUNCT OF COMPANY Chapter 1 Winding up Synopsis Important Provisions at a Glance 1. Winding up 2. Meaning of winding up and dissolution 3. Modes of winding up of a company Winding
DEBT Law guide - Debt, bankruptcy & liquidation Contents Bankruptcy... 3 Arrangements with debtor... 6 Alternatives to bankruptcy... 8 Liquidation... 10 Distribution of assets... 11 Alternatives to liquidation...
Chapter 20 Liquidation of companies Prepared by Emma Holmes What is a winding-up? Process whereby a company is dissolved Company ceases to be a legal entity Also referred to as a liquidation Legal requirements
Carter Clark Financial Recovery GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES www.carterclark.co.uk GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES CONTENTS INTRODUCTION...1 GENERAL...1.1 LIQUIDATION...1.2
JUDGES' RULES RULE 76 R. 76.01 RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10 PETITION TO WIND UP COMPANY Title of Petition 76.01 A petition for the winding up of a company by the court,
This table indicates the derivation of provisions in the 2016 Rules. The 2016 Rules broadly derive from the 1986 Rules and forms. However there is rarely an exact match as the structure of the 2016 Rules
立 法 會 Legislative Council Paper for the House Committee Meeting on 16 October 2015 Legal Service Division Report on Companies (Winding Up and Miscellaneous Provisions) (Amendment) Bill 2015 LC Paper No.
Subject no. 53A Certificate in Offshore Finance and Administration Principles of Trust and Company Law Sample questions and answers This practice material consists of three sample Section B and three sample
GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY CONTENTS PREFACE 1 1. Summary Winding up 2 2. Creditors Winding up 2 3. Bankruptcy 3 4. End of Period of Duration 4 5. Orders of the Court
PKMG LAW CHAMBERS ADVOCATES AND SOLICITORS www.pkmgcorporatelaws.com ADVISER Mr. PRADEEP K. MITTAL B.Com., LL.B., FCS, Advocate Past Central Council Member The Institute of Company Secretaries of India
Judicial Management, Scheme of Arrangement and Winding Up in Singapore Copyright Colin Ng & Partners LLP 1 Introduction Economic crisis many companies hit by cash flow problems and financial difficulties.
BACK TO BASICS A REMINDER OF THE KEY REQUIREMENTS Rachel McCahill-Brown Partner and Solicitor Rachel.email@example.com Introduction Secretary of State Insolvency Rules Change Exceptions Court
Limited liability partnership liquidation and insolvency (Scotland) GPLLP5s August 2014 Insolvency Act 1986 This guidance is available in alternative formats which include Braille, large print and audio
REPUBLIC OF CYPRUS INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW (No 47(I) of 1999) English translation prepared by The Central Bank of Cyprus ARRANGEMENT OF SECTIONS PART I PRELIMINARY AND GENERAL Section
LAWCASTLES TECHNICAL PAPERS PAPER NO. 1 OF 2006 Statutory Corporate Insolvency Procedures in Tanzania Introduction This paper reviews statutory corporate insolvency procedures in Tanzania. The paper discusses
Jamaica Myers, Fletcher & Gordon and PricewaterhouseCoopers Jamaica Peter Goldson, partner Gina Phillipps-Black, partner Shuana-Kaye A Hanson, associate Myers, Fletcher & Gordon John Wesley Lee, partner
Guide to Liquidation of Companies in the Cayman Islands Contents Guide to Liquidation of Companies in the Cayman Islands Introduction Page 3 Voluntary Liquidation Page 3 Striking Off Page 5 Involuntary
A guide to Liquidation Liquidation Regrettably, it is often not possible to sell a business, perhaps because the type of business is no longer viable or because the economic climate makes trading too difficult.
Alberta Rules of Court 390/68 R754-757 Part 57 Rules and Orders Promulgated under the Winding-up Act (1) Petition to Wind Up Company Title of petition 754 Every petition for the winding up of any company
Insolvency Act, 2063 (2006) Date of authentication and publication: 4 Mangsir 2063 (20 November 2006) Act number 20 of the year 2063 (2006) An Act Made to Provide for Insolvency Proceedings Preamble: Whereas,
A guide to creditors' meetings Creditors meetings under the Insolvency Act 1986 Introduction Creditors meetings provided for under the Insolvency Act 1986 (the Act) vary in purpose according to the type
LIMITED LIABILITY PARTNERSHIP ACT [LLP ACT] With the growth of Indian economy, the role played by its entrepreneurs as well as its technical and professional manpower has been acknowledged internationally.
MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES Phil Thompson Business Lawyer, Corporate Counsel www.thompsonlaw.ca Even without a unanimous shareholders agreement, minority shareholders in private
5 th Floor Genesis Building Genesis Close PO Box 446 Grand Cayman, KY1-1106 Cayman Islands GUIDE Cayman Islands Company Voluntary Liquidation & Strike Off Table of Contents Introduction 2 Voluntary Liquidation
Disclaimer: The Following is an unofficial translation, and not necessarily an updated one. The binding version is the official Hebrew text. Readers are consequently advised to consult qualified professional
KSA Group Ltd Members Voluntary Liquidation The Expert s Complete Guide to Liquidating a Solvent Company 2015 KSA Group Ltd and Keith Steven; Keith Steven is hereby identified as the author of the material
Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013 Following the appointment of Joint Administrators on 4 October
Voluntary Liquidation & Striking Off of a Company Contents Preface 2 1. Members Voluntary Liquidation 3 2. Striking Off Upon Request 3 3. Striking Off Without Consent 3 4. Conclusion 4 Preface The Companies
Decision Notice D/2002/1 The Principal Duties and Powers of Liquidators, Receivers & Examiners under the Companies Acts 1963-2001 Information Book 7 - Liquidators, Receivers & Examiners www.odce.ie Decision
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision
Application of winding up 217 (1) A company (whether or not it is being wound up voluntarily) may be wound up under an order of the Court on the petition of:- (a) the company; (b) any creditor, including
Winding Up (Scotland) GBLLP3(s) May 2009 Version 8 This guidance is available in alternative formats which include Braille, large print and audio tape. For further details please see our website www.companieshouse.gov.ukor
An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer November 2011 1 An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent
Section VOLUME VI (Chapters 212-251) CHAPTER 212 THE COMPANIES ACT [PRINCIPAL LEGISLATION] ARRANGEMENT OF SECTIONS Title PART I PRELIMINARY PROVISIONS 1. Short title. 2. Interpretation. PART II INCORPORATION
Liquidation: a guide for creditors If a company is in financial difficulty, its shareholders, creditors or the court can put the company into liquidation. This information sheet provides general information
A BASIC GUIDE TO INSOLVENCY PROCEEDINGS 1. The Transfer of Undertakings (Protection of Employment) Regulations ( TUPE ) are notoriously difficult to interpret. This is partly because they refer to other
Company Directors' Responsibilities CONTENTS Company Directors' Responsibilities 2 Disqualification 4 The Powers And Duties Of Company Directors 6 Basic Statutory Obligations Of A Company Under The Companies