Committee of inspection - winding up, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Committee of inspection - winding up

Directors remuneration - company management, Directors' Remuneration: ...

Directors' Remuneration: For technical reasons the directors are not regarded as servants or employees of the company of that they are directors. Therefore  here they have no

Termination of agency - agency law, Termination of agency - Agency Law ...

Termination of agency - Agency Law However an agency relationship may come to an end through: like; Mutual agreement, or consent Withdrawal of consent Performance,

What are the functions and powers of the security council, What are the fun...

What are the functions and powers of the Security Council? The functions and powers of the Security Council, which are as follows: • To keep international peace and security

Empirical claim, One of the critical tasks we have as empirical political s...

One of the critical tasks we have as empirical political scientists is to assess the validity of the comments people around us make about the socio-political world. For this assign

Bidding process in specific circumstances, QUESTION 1 Section 39 of the...

QUESTION 1 Section 39 of the Public Procurement Act provides for cancellation of a bidding process in specific circumstances. State those circumstances and the implications of

Shares issued at a premium, Shares Issued At A Premium: A company may ...

Shares Issued At A Premium: A company may at times issue its shares at a price above their nominal value, i.e at a premium. This may be necessitated by the fact that the compa

Choice of method - reconstructions , Choice Of Method: There are three...

Choice Of Method: There are three statutory methods to be considered:          Where one company offers to acquire the shares of another company and its offer is accepted b

Undischarged bankrupts, Undischarged Bankrupts: S.188 provides that if...

Undischarged Bankrupts: S.188 provides that if an undischarged bankrupt acts as director of any company without leave of the court he shall be liable to imprisonment for a ter

Describe the cole inquiry recommendation, Q. Describe the Cole Inquiry reco...

Q. Describe the Cole Inquiry recommendation? In 2003 the Cole Inquiry made a range of recommendations to reform the building and construction industry. The Inquiry found that t

Principles and presumptions of construction, Principles and Presumptions of...

Principles and Presumptions of Construction: However in the course of settling some of these disputes the courts in England have elaborated the rules that they will utilized i

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd