Committee of Inspection:

                                      A committee of inspection is appointed in a compulsory liquidation and in a creditors' voluntary liquidation. It usually comprises such number of representatives of members and of creditors as may be agreed on by the meeting of creditors and contributors.  If they disagree, the court decides the number (in a creditors' voluntary liquidation limited to a maximum of five). The committee meets once a month unless otherwise agreed and may be summoned at any time by the liquidator or by a member of the committee: s.249.

The general function of the committee is to work with the liquidator, to supervise his accounts, to approve the exercise of certain of his statutory powers and to fix his remuneration.  Like the liquidator himself members of the committee are in a fiduciary position and may not secure unauthorized personal advantages, e.g. by purchase of the company's assets.

Posted Date: 1/15/2013 5:10:13 AM | Location : United States

Ask an Expert

Related Discussions:- Committee of inspection - winding up, Assignment Help, Ask Question on Committee of inspection - winding up, Get Answer, Expert's Help, Committee of inspection - winding up Discussions

Write discussion on Committee of inspection - winding up
Your posts are moderated

Write your message here..

Related Questions

Stages of business evolution, i want to know the complete history of busine... i want to know the complete history of business.

Storage and handling of hazardous substances, Question 1: (a) Bob works... Question 1: (a) Bob works as a machinist in XYZ Ltd where Mr Rony is the director. Bob gets injured whilst using the machine. Explain the action to be taken by Mr Rony in that

Principle of statutory provisions, Principle of statutory provisions: ... Principle of statutory provisions: Most of the cases in which the principle has actually been applied appear to fall within one of the following two classes:- 1. Where the

What are the functions of the independent commission, Question 1: The B... Question 1: The Bill of Lading possesses the key features of an efficient transport document. Discuss. Question 2: A CIF sale is not a sale of goods but a Sale of Do

Arbitration, Arbitration However this is a dispute resolution mechanis... Arbitration However this is a dispute resolution mechanism whereas disputes are settled out of the court through arbitral tribunals or arbitrators that who make arbitral words

Define power, 1. How does the Melian dialogue represent key concepts such a... 1. How does the Melian dialogue represent key concepts such as self-interest, the balance of power, alliance, capabilities, empires and justice? Athenian leaders arrive on the is

TRANSFER OF TITLE, WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE? WHAT ARE THE EXCEPTINS TO THE ''NEMO DAT'' RULE?

Executory consideration - types of consideration, Executory Consideration -... Executory Consideration - Types of Consideration Although Executory consideration consists of a promise made about one party and a promise made through the other party to the

Contractual capacity of corporations, Contractual Capacity of Corporations ... Contractual Capacity of Corporations However the courts have developed known as the doctrine to "ultra vires" in order for determines the contractual capacity for legal person

State article 1 of air and outer space law, Laws relating to air and outer... Laws relating to air and outer space as follows: Article 1 states that the contracting states should recognize that every state has complete and exclusive sovereignty over the