Winding Up of Companies

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Winding Up of Companies"

Transcription

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.

Guide on. Winding up / Dissolution. of Companies

Guide on. Winding up / Dissolution. of Companies 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

More information

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner

Winding Up Part 11 of the Draft Companies Bill. Brendan Cooney Partner 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

More information

A guide to compulsory liquidations

A guide to compulsory liquidations 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

More information

Closure of a Company under Companies

Closure of a Company under Companies Closure of a Company under Companies Act,2013 IQBAL KAUR & ASSOCIATES COMPANY SECRETARIES 12/40, First Floor, Subhash Nagar, New Delhi 110027 E-mail :, Website : Mobile: 9990847066, 7053878398 Winding

More information

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL...

CONTENTS PART 1: GENERAL...4 PART 2: COMPANY VOLUNTARY ARRANGEMENTS...5 PART 3: RECEIVERSHIP...8 PART 4: WINDING UP...11 CHAPTER 1 GENERAL... 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

More information

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION

COMPANIES REGISTRY NOTES FOR GUIDANCE ON LIQUIDATION AND INSOLVENCY. DEPARTMENT of ENTERPRISE, TRADE and INVESTMENT CONTENTS INTRODUCTION 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

More information

GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES

GUIDE TO WINDING UP OF COMPANIES IN SEYCHELLES 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

More information

ACCOUNTING SOLUTIONS SCO: 209, First Floor, Sector-36/D. Chandigarh (M): 0172-4670390-5017149, 9876149390

ACCOUNTING SOLUTIONS SCO: 209, First Floor, Sector-36/D. Chandigarh (M): 0172-4670390-5017149, 9876149390 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

More information

Circular No 16 @ November 2014

Circular No 16 @ November 2014 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

More information

Legal Business. Memorandum On Members Voluntary Winding-Up Of A Company In Singapore

Legal Business. Memorandum On Members Voluntary Winding-Up Of A Company In Singapore 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

More information

Voluntary Winding up under Companies Act 1956

Voluntary Winding up under Companies Act 1956 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 : arunsaxena@saxenaandsaxena.com

More information

Dealing with Debt How to wind up your own company

Dealing with Debt How to wind up your own company 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

More information

Voluntary liquidation under the BVI Business Companies Act 2004

Voluntary liquidation under the BVI Business Companies Act 2004 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

More information

3. Forms. Part II Modes of winding up 4. Modes of winding up. -

3. Forms. Part II Modes of winding up 4. Modes of winding up. - 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;

More information

Winding-up Act, R.S.Q. c. L-4

Winding-up Act, R.S.Q. c. L-4 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

More information

Bermuda Winding-Up Procedures

Bermuda Winding-Up Procedures Bermuda Winding-Up Procedures Foreword The following is a summary of the law and procedure under the Companies Act 1981 ("the Act") in so far as it relates to liquidations of companies in Bermuda. The

More information

A guide to creditors voluntary liquidations

A guide to creditors voluntary liquidations 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

More information

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008

Supplement No. 3 published with Extraordinary No. 5, dated 22 January, 2009. THE COMPANIES WINDING UP RULES 2008 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

More information

DIY MVL Workbook. 1800 246 801 svpartners.com.au. A company ceases to exist on deregistration. (s.601ad(1))

DIY MVL Workbook. 1800 246 801 svpartners.com.au. A company ceases to exist on deregistration. (s.601ad(1)) 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.

More information

THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES,

THE COMPANIES LAW (2009 REVISION) COMPANIES WINDING UP (AMENDMENT) RULES, 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

More information

ROLE OF OFFICIAL LIQUIDATOR IN WINDING UP. Submitted by Arathy Nair, CS Finalist

ROLE OF OFFICIAL LIQUIDATOR IN WINDING UP. Submitted by Arathy Nair, CS Finalist 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

More information

Dealing With Debt. How to wind up your own company

Dealing With Debt. How to wind up your own company 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

More information

WINDING UP A CAYMAN ISLANDS COMPANY

WINDING UP A CAYMAN ISLANDS COMPANY 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

More information

COMPANIES LIQUIDATION RULES, 2012

COMPANIES LIQUIDATION RULES, 2012 Arrangement of Rules Rule ORDER 1 9 CITATION, APPLICATION AND COMMENCEMENT 9 Citation (O.1, r.1)...9 Application (O.1, r.2)...9 Commencement and transitional provisions (O.1, r.3)...10 Application of Supreme

More information

Voluntary Winding up of Company

Voluntary Winding up of Company 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

More information

Liquidating an insolvent Jersey company

Liquidating an insolvent Jersey company Liquidating an insolvent Jersey company DECEMBER 2011 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not

More information

MIA 7/2010 INSOLVENCY. Learning the Essentials of Corporate Liquidation. April 2010

MIA 7/2010 INSOLVENCY. Learning the Essentials of Corporate Liquidation. April 2010 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

More information

BVI Financial Services Commission. Registry of Corporate Affairs. User Guides on the BVI Business Companies Act. User Guide No. 5

BVI Financial Services Commission. Registry of Corporate Affairs. User Guides on the BVI Business Companies Act. User Guide No. 5 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

More information

COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan

COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan COMPANY & ITS WINDING UP By Prof. Syed Mamnoon Hasan* Advocate Supreme Court of Pakistan This article relates primarily with companies as defined in the Companies Ordinance, 1984, (the Ordinance) that

More information

Guide To Compulsory Liquidation Of Companies In The Cayman Islands

Guide To Compulsory Liquidation Of Companies In The Cayman Islands 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

More information

PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS

PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS I. COMPANY INCORPORATION BASIC PACKAGE II. SHELF READY MADE COMPANY PACKAGE III. SHELF READY MADE COMPANY ON DEMAND IV. COMPANY SECRETARIAL SERVICES V.

More information

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey

Comparison of Voluntary Liquidation Procedures in the British Virgin Islands, the Cayman Islands and Jersey 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

More information

Comparison of Corporate Insolvency Procedures

Comparison of Corporate Insolvency Procedures 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

More information

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only

91. Upon the commencement of a winding-up and dissolution required under section 89 or permitted under section 90, the directors may only 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

More information

Cayman Islands Winding Up a Company

Cayman Islands Winding Up a Company 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.

More information

WINDING UP. Modes of Winding-up. [Sec 425(1)] Voluntary. [Sec 484 to 521] General Provisions relating to all modes of Winding-up [Sec 528 to 560]

WINDING UP. Modes of Winding-up. [Sec 425(1)] Voluntary. [Sec 484 to 521] General Provisions relating to all modes of Winding-up [Sec 528 to 560] 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

More information

The Principal Duties and Powers of. Liquidators, Receivers. & Examiners. under the Companies Act

The Principal Duties and Powers of. Liquidators, Receivers. & Examiners. under the Companies Act 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

More information

Corporate Insolvency in Ireland Dillon Eustace

Corporate Insolvency in Ireland Dillon Eustace Corporate Insolvency in Ireland Dillon Eustace Table of Contents Page 1. Mechanisms of Corporate Insolvency 1 2. Liquidation 1 3. Functions of the Liquidator 2 4. Liquidation and Creditors Rights 2 5.

More information

Article. The Faster way to Corporate Death: MCA initiates Measures to Speedup Winding Up

Article. The Faster way to Corporate Death: MCA initiates Measures to Speedup Winding Up The Faster way to Corporate Death: MCA initiates Measures to Speedup Winding Up Vinod Kothari vinod@vinodkotahri.com Nidhi Ladha nidhiladha@vinodkothari.com Vinod Kothari & Company Check at: www.indiafinancing.com/staffpublications.htm

More information

Liquidation and insolvency

Liquidation and insolvency 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

More information

GUIDE. Guide to Winding Up of Solvent and Insolvent Jersey Companies

GUIDE. Guide to Winding Up of Solvent and Insolvent Jersey Companies 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

More information

DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES

DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES DRAFT PART [V] (ADDITIONAL PROVISIONS) MYANMAR COMPANIES LAW WINDING UP OF UNREGISTERED COMPANIES Note: These provisions are currently contained in Part IX of the Myanmar Companies Act 1914. They have

More information

GUIDE TO SUMMARY WINDING UP OF A JERSEY COMPANY

GUIDE TO SUMMARY WINDING UP OF A JERSEY COMPANY 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

More information

Insolvency and Liquidation

Insolvency and Liquidation 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

More information

GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA

GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA GUIDE TO INSOLVENT LIQUIDATIONS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Statutory Liquidation Procedures: an Overview 2 3. Compulsory Winding-up 2 4. Creditors Voluntary Winding-up 4 5. Related

More information

Cayman Islands Insolvency Law

Cayman Islands Insolvency Law 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

More information

Client Guide Cayman Islands Winding Up and Insolvency

Client Guide Cayman Islands Winding Up and Insolvency 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

More information

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause

The Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause 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

More information

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company

PART 12 STRIKE OFF AND RESTORATION. Chapter 1. Strike off of company 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

More information

STATEMENT OF PURPOSES AND RULES FOR HORSHAM TABLE TENNIS ASSOCIATION INC.

STATEMENT OF PURPOSES AND RULES FOR HORSHAM TABLE TENNIS ASSOCIATION INC. 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

More information

Guide To Members Voluntary Liquidations

Guide To Members Voluntary Liquidations ... 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'

More information

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS

GUIDE TO INSOLVENCY IN THE CAYMAN ISLANDS 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

More information

PART XXXVI WINDING UP AND DEFUNCT OF COMPANY

PART XXXVI WINDING UP AND DEFUNCT OF COMPANY 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

More information

DEBT. Law guide - Debt, bankruptcy & liquidation

DEBT. Law guide - Debt, bankruptcy & liquidation 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...

More information

8/26/2008. Chapter 20 Liquidation of companies. What is a winding-up? Winding-up by the court. Process whereby a company is dissolved

8/26/2008. Chapter 20 Liquidation of companies. What is a winding-up? Winding-up by the court. Process whereby a company is dissolved 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

More information

Carter Clark Financial Recovery

Carter Clark Financial Recovery 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

More information

STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS.

STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS. STATEMENT OF INSOLVENCY PRACTICE GUIDANCE FOR MEMBERS OF THE COMMITTEE OF INSPECTION IN COURT AND IN CREDITORS VOLUNTARY LIQUIDATIONS Contents Paragraphs Introduction 1 7 Establishment of Committee of

More information

RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10

RULES PROMULGATED UNDER THE WINDING-UP ACT, RSC. 1985, C. W-10 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,

More information

Guide to the derivation of the Insolvency (England and Wales) Rules 2016 (SI 1024/2016)

Guide to the derivation of the Insolvency (England and Wales) Rules 2016 (SI 1024/2016) 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

More information

立 法 會 Legislative Council

立 法 會 Legislative Council 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.

More information

Principles of Trust and Company Law

Principles of Trust and Company Law 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

More information

GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY

GUIDE TO WINDING UP OF SOLVENT AND INSOLVENT COMPANIES IN JERSEY 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

More information

PKMG LAW CHAMBERS ADVOCATES AND SOLICITORS

PKMG LAW CHAMBERS ADVOCATES AND SOLICITORS 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

More information

Judicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1

Judicial Management, Scheme of Arrangement and Winding Up in Singapore. Copyright Colin Ng & Partners LLP 1 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.

More information

BACK TO BASICS A REMINDER OF THE KEY REQUIREMENTS

BACK TO BASICS A REMINDER OF THE KEY REQUIREMENTS BACK TO BASICS A REMINDER OF THE KEY REQUIREMENTS Rachel McCahill-Brown Partner and Solicitor Rachel.mccahill-brown@nelsonslaw.co.uk Introduction Secretary of State Insolvency Rules Change Exceptions Court

More information

Limited liability partnership liquidation and insolvency (Scotland)

Limited liability partnership liquidation and insolvency (Scotland) 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

More information

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW 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

More information

GUIDANCE FOR MEMBERS LIQUIDATION COMMITTEES

GUIDANCE FOR MEMBERS LIQUIDATION COMMITTEES GUIDANCE FOR MEMBERS OF LIQUIDATION COMMITTEES CONTENTS INTRODUCTION...1 GENERAL...1.1 LIQUIDATION...1.2 THE LIQUIDATOR...1.3 THE LIQUIDATION COMMITTEE...1.4 THE FUNCTIONS OF THE COMMITTEE...2 CONTROL

More information

Corporate Administrators Programme : Company Law and Company Administration Procedure OPEN SEMINAR CONTENT. > Back to website.

Corporate Administrators Programme : Company Law and Company Administration Procedure OPEN SEMINAR CONTENT. > Back to website. OPEN SEMINAR > Back to website Corporate Administrators Programme : Company Law and Company Administration Procedure CONTENT > Back to website PART I - INTRODUCTION The Modern Company Law in Cyprus 1.

More information

LAWCASTLES TECHNICAL PAPERS

LAWCASTLES TECHNICAL PAPERS 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

More information

ARTICLES OF ASSOCIATION OF

ARTICLES OF ASSOCIATION OF ARTICLES OF ASSOCIATION OF SAMPLE LIMITED 樣 板 有 限 公 司 Incorporated the 13 th day of Au gust, 9. HONG KONG No. [COPY] CERTIFICATE OF INCORPORATION * * * I hereby certify that SAMPLE LIMITED 樣 板 有 限 公 司

More information

The main source of law relating to corporate insolvency in Jamaica is Part

The main source of law relating to corporate insolvency in Jamaica is Part 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

More information

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009)

[Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) 3 [Insert graphic] COMPANIES (INSOLVENCY AND RECEIVERSHIP) ACT 2009 (NO. 2 OF 2009) PASSED by the National Parliament

More information

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.

PLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts. PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This

More information

Guide to Liquidation of Companies in the Cayman Islands

Guide to Liquidation of Companies in the Cayman Islands 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

More information

IGN L1. INSOLVENCY GUIDANCE NOTE Members Voluntary Winding-up

IGN L1. INSOLVENCY GUIDANCE NOTE Members Voluntary Winding-up IGN L1 INSOLVENCY GUIDANCE NOTE Members Voluntary Winding-up November 2009 TABLE OF CONTENTS FOREWORD Paragraphs Introduction..1-3 Definitions.4 Pre-commencement Considerations 5-12 Professional independence..6-7

More information

A guide to Liquidation

A guide to Liquidation 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.

More information

Part 57 Rules and Orders Promulgated under the Winding-up Act

Part 57 Rules and Orders Promulgated under the Winding-up Act 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

More information

Insolvency Act, 2063 (2006)

Insolvency Act, 2063 (2006) 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,

More information

A guide to creditors' meetings

A guide to creditors' meetings 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

More information

LIMITED LIABILITY PARTNERSHIP ACT [LLP ACT]

LIMITED LIABILITY PARTNERSHIP ACT [LLP ACT] 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.

More information

Insolvency (Scotland) Rules 1986 (SI 1986/1915)... 10. 0.1 Citation and commencement... 10 0.3 Application... 12

Insolvency (Scotland) Rules 1986 (SI 1986/1915)... 10. 0.1 Citation and commencement... 10 0.3 Application... 12 Page 1 Insolvency (Scotland) Rules 1986 (SI 1986/1915)... 10 0.1 Citation and commencement... 10 0.3 Application... 12 Part 1Company Voluntary Arrangements... 12 Chapter 1Preliminary... 12 1.1 Scope of

More information

Limited Liability Partnerships (Amendment) 1 A BILL. i n t i t u l e d

Limited Liability Partnerships (Amendment) 1 A BILL. i n t i t u l e d Limited Liability Partnerships (Amendment) 1 A BILL i n t i t u l e d An Act to amend the Limited Liability Partnerships Act 2012. [ ] ENACTED by the Parliament of Malaysia as follows: Short title and

More information

DÁIL ÉIREANN. [No. 78a of 2014] [27 January, 2015]

DÁIL ÉIREANN. [No. 78a of 2014] [27 January, 2015] DÁIL ÉIREANN AN BILLE FÁ GHLÉASANNA ÉIREANNACHA UM CHOMHBHAINISTIÚ SÓCMHAINNÍ, 2014 IRISH COLLECTIVE ASSET-MANAGEMENT VEHICLES BILL 2014 LEASUITHE TUARASCÁLA REPORT AMENDMENTS [No. 78a of 2014] [27 January,

More information

MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES

MINORITY SHAREHOLDER RIGHTS IN ONTARIO PRIVATE COMPANIES 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

More information

GUIDE Cayman Islands Company Voluntary Liquidation & Strike Off

GUIDE Cayman Islands Company Voluntary Liquidation & Strike Off 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

More information

Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver

Disclaimer Definitions account books articles capital charge floating charge debenture series of debentures document Official Receiver 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

More information

KSA Group Ltd. Members Voluntary Liquidation. The Expert s Complete Guide to Liquidating a Solvent Company

KSA Group Ltd. Members Voluntary Liquidation. The Expert s Complete Guide to Liquidating a Solvent Company 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

More information

Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013

Crown Holdings (London) Limited (In Liquidation) ( the Company ) Notification to Creditors of a Vacancy on the Liquidation Committee 3 May 2013 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

More information

Preface 2. 1. Members Voluntary Liquidation 3. 2. Striking Off Upon Request 3. 3. Striking Off Without Consent 3. 4. Conclusion 4

Preface 2. 1. Members Voluntary Liquidation 3. 2. Striking Off Upon Request 3. 3. Striking Off Without Consent 3. 4. Conclusion 4 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

More information

Liquidators, Receivers & Examiners under the Companies Acts 1963-2001

Liquidators, Receivers & Examiners under the Companies Acts 1963-2001 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

More information

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 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

More information

ARRIS MANAGEMENT SERVICES SDN. BHD.

ARRIS MANAGEMENT SERVICES SDN. BHD. 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

More information

Winding Up (Scotland)

Winding Up (Scotland) 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

More information

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer

An Overview of UK Insolvency Procedures and the Considerations for Banks with an Insolvent Customer 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

More information

Information Book 7 Liquidators, Receivers & Examiners

Information Book 7 Liquidators, Receivers & Examiners Decision Notice D/2011/1 Information Book 7 Liquidators, Receivers & Examiners The Principal Duties and Powers of Liquidators, Receivers & Examiners under the Companies Acts 1963-2009 Decision Notice

More information

VOLUME VI (Chapters 212-251)

VOLUME VI (Chapters 212-251) 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

More information

Liquidation: a guide for creditors

Liquidation: a guide for creditors 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

More information

A BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations

A BASIC GUIDE TO INSOLVENCY PROCEEDINGS. 1. The Transfer of Undertakings (Protection of Employment) Regulations 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

More information

Company Directors' Responsibilities

Company Directors' Responsibilities 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

More information