Assets and liabilities of the company, Business Law and Ethics

Assets and liabilities of the company:

Within 14 days of the making of the order for winding up a statement of affairs must be delivered to the liquidator (Official Receiver) verified by one or more directors and by the secretary (and possibly by other persons).  The statement shows the assets and liabilities of the company and includes a list of creditors with particulars of any security which creditors may hold: CA, s.232.

 The Official Receiver may require that others concerned in the recent management of the company shall join in submitting the statement of affairs.  These may be (at the Official Receiver's discretion unless the court has given directions):

(a) present or past officers of the company, i.e. its management;

(b) employees who are or who have been in the service of the company within the previous year if it is considered that they can provide the information required;

(c) persons who have taken part in the formation of the company within the previous year.

The Official Receiver makes a preliminary report to the court on the causes of the company's failure and states whether in his opinion he should make further investigation and report on suspected fraud; s.233.  If he does so this may lead on to the public examination in open court of those believed to be implicated (a much-feared sanction).

Posted Date: 1/15/2013 4:56:18 AM | Location : United States







Related Discussions:- Assets and liabilities of the company, Assignment Help, Ask Question on Assets and liabilities of the company, Get Answer, Expert's Help, Assets and liabilities of the company Discussions

Write discussion on Assets and liabilities of the company
Your posts are moderated
Related Questions
Scheme at meeting - reconstructions: Following approval of the scheme at meeting(s) application is made to the court for an order to approve and implement the scheme.  At this

Need for research Design: a. It facilities the smooth sailing of the various research operations thereby making research as efficient as possible yielding maximal inf

Remedies of the Buyer - Sales of Goods (a)Damages for non-delivery Section number 51 (1) provides that whether the seller wrongfully neglects or refuses to deliver the go

Class Meetings: "Class meetings" are not provided for by the Act.  however, a class meeting may be held pursuant to the provisions of the company articles of association, if a

It was noted by stakeholders that phoenix activity has evolved significantly over the past decade. First, the ATO noted that they are seeing significantly less 'asset stripping' of

Judicial and Legislative Function of Chief Justice Judicial Function However a judge of the High Court and the court of Appeal he participates in the adjudicatory proce

QUESTION 1 Give an account of the distinct methods according to which information can be collected for policy analysis QUESTION 2 "Policy Evaluation marks the final sta

Part A A director has a duty to exercise care, skill and diligence at common law and also a statutory duty of care and diligence under s180 (1) Corporations Act 2001 (Cth) in c

PROOF OF DEBTS:                                       Many of the rules of bankruptcy apply to the discharge of the company's debts: s.310.  The liquidator must obviously requ

Question 1: (a) The Employment Relations Act does not apply to all categories of workers. Describe. (b) What is the main procedure for registration of trade unions? Qu