Creditors meeting - winding up, Business Law and Ethics

Creditors meeting - winding up:

The creditors' meeting is convened for the same day at a later time than the members' meeting or it is held the following day.  One of the directors presides at the creditors' meeting and lays before it a full statement of the company's affairs and a list of creditors with the amounts owing to them. The creditors' meeting nominates a liquidator and up to five representatives of creditors to be members of the committee of inspection. If the creditors nominate a different person to be liquidator their choice prevails over the nomination by the members (subject to a right of appeal to the court).

It is no longer possible to prevent the creditors from appointing the first liquidator by failing to call a creditors' meeting after holding a members' meeting (to appoint a liquidator of their choice) on short notice.  (This device was first developed in Re Centrebind (1966) and is colloquially called "centrebinding").  Any meeting of members called to initiate a winding up must be convened with not less than 7 days notice.

Posted Date: 1/15/2013 5:03:57 AM | Location : United States

Related Discussions:- Creditors meeting - winding up, Assignment Help, Ask Question on Creditors meeting - winding up, Get Answer, Expert's Help, Creditors meeting - winding up Discussions

Write discussion on Creditors meeting - winding up
Your posts are moderated
Related Questions
What are the Stages in Policy Process The traditional textbook approach to the study of public policy separates policy making into its component steps and analyzes each in turn.

The U.S. Constitution provides certain procedural safeguards to an accused, including protections from unreasonable searches and seizures, the right to an attorney and the right to

Liability by Estoppel Anyone who presents himself or permits himself for be represented, further by words, conduct or writing as the partner about another person like  persons

Do a comprehensive outline and a research paper. A well-organized and thoughtful 3-5 page Research Paper in APA format. The impact and use of technology in policing and the cour

QUESTION 1 (a) Why is it that businesses are increasingly exposed to scrutiny and criticisms? (b) Discuss four strategies which can be adopted to respond to these criticisms

Explain the controversial mode of acquisition - accession The ontroversial mode of acquisition is accession . It involves the peaceful transfer of territory from one sovereig

Trading arrangements: From this statement, it can be inferred that, if a court held that a company acted in a particular instance as an agent of its holding company, the veil

Star Club is a casino established in mid-eighties in Sri Lanka. Since it is in the business for more than 25 years it is famous among local and foreign gamblers. John has been work

1. Sometimes laws are created that are done for ethical reasons. For instance, it is wrong to pollute, so Congress passed the Environmental Protection Act, which punished those tha

Question 1: (a) Explain what is meant by Subsidiary Legislation and the reasons for using such a Law. (b) Explain the ways in which Subsidiary Legislation is controlled.