Conversion of members'' to creditors'' winding up-liquidation, Financial Accounting

Conversion of members' to creditors' winding up

If the liquidator in a members' winding up forms the opinion that the company will not be able to pay its debts in full within the period stated in the declaration of solvency, he must forthwith summon a meeting of creditors and lay before it a statement of the company's assets and liabilities, and thereafter the winding up proceeds as if it were a creditors' winding up ss.281, 284.

A creditor or contributory may petition for a compulsory winding up, notwithstanding that the company is being wound up voluntarily s.303. An application by a contributory will only be upheld if the court is satisfied that the rights of contributories will be prejudiced by the voluntary winding up. In the absence of special circumstances a creditor's application will fail if the other creditors wish the voluntary winding up to continue.

Posted Date: 12/13/2012 2:45:35 AM | Location : United States







Related Discussions:- Conversion of members'' to creditors'' winding up-liquidation, Assignment Help, Ask Question on Conversion of members'' to creditors'' winding up-liquidation, Get Answer, Expert's Help, Conversion of members'' to creditors'' winding up-liquidation Discussions

Write discussion on Conversion of members'' to creditors'' winding up-liquidation
Your posts are moderated
Related Questions
Application of discharge Application may be made at any time after adjudication, but cannot be heard until the conclusion of the public examination. Notice of the hearing must

I have one assignment of this course (diploma Financial Planning), can you help me in doing my assignment

The basic EOQ model is depends on the subsequent assumption: 1) The forecast usage or demand for a specified period, usually one year, is identified 2) The usage/demand is ev

Do you have anyone on staff that understands acquisition accounting procedures?

Asset Acquisition An alternate way of conducting a buyout by purchasing few assets an industry may have inspite of purchasing that organizations stock.

Answer to Question Six   Summarised consolidated statement of comprehensive income for the A group for the year ended 30 September 2010 All workings

Q. A ltd. Company has equity share capital of Rs. 5,00,000 divided into shares of Rs. 100 each. It wishes to gain further Rs. 3,00,000 for expansion cum modernization plans. The co

During the fourth quarter of 2006, Cablevision, Inc., generated excess cash, which the company invested in securities, as follows: On Nov. 12 purchased 1,000 shares of common st

State the Benefits of accounting information Benefits of accounting information ultimately decline. Cost of providing information, though, will rise with every additional piec

Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify