Liquidation of companies-bankruptcy and liquidation, Financial Accounting

LIQUIDATION OF COMPANIES

(a) Methods of Winding Up:

A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the supervision of court.

Grounds for compulsory winding up:

A company may be wound up by the court under s.219 if:The company so resolves by special resolution, The number of members fall below seven, or two if a private company tetc.

Persons Who May Petition:

A petition may be presented by any of the following: A Creditor, A Contributory, The Official, The Company Receiver.

The Petition:

The petition must be in the prescribed form and verified by affidavit, and must be advertised in the Gazette and a local paper seven clear business days before the hearing.

Interim Liquidator
:

An application to the court for such an appointment (usually of the O.R.) may be made at any time between presentation and hearing, especially if the assets are in jeopardy s.235: he takes control of all the company's property and no legal proceedings can thereafter be begun or continued against the company without leave of the court s.228.

Posted Date: 12/13/2012 2:11:26 AM | Location : United States







Related Discussions:- Liquidation of companies-bankruptcy and liquidation, Assignment Help, Ask Question on Liquidation of companies-bankruptcy and liquidation, Get Answer, Expert's Help, Liquidation of companies-bankruptcy and liquidation Discussions

Write discussion on Liquidation of companies-bankruptcy and liquidation
Your posts are moderated
Related Questions
Calculate breakeven in sales units and in sales value: Tycoon makes and sells 600 toy cars per month.  Each toy car is sold for RM40 each.  Tycoon is currently producing at 50

Monte and Allie each own 50% of Raider Corporation, an S corporation. Both individuals actively participate in Raider's business. On January 1, Monte and Allie have adjusted bases

You decide to invest 1000 in a 5-year Treasury Inflation protected bond that each year offers a return of -1.5% plus the rate of inflation. You assume 1-year inflation rates over t

Terry Corporation had 300,000 shares of common stock outstanding at December 31, 2010. In addition, it had 90,000 stock options outstanding, which had been granted to certain execu

The Federal Government The Federal Government is the single largest influence on the U.S. economy. There are two main areas in which the government can impact the economy: fi

Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10

in the absence of no agreement in partnership discuss and explain the provision of partnership act

Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and ha

Robin Corporation accepted credit cards for $34,200 of services performed in October 2011.The credit card company charged a 3% service fee and paid Robin as soon as it received the

Problem on balance sheet: At the beginning of 20X2, Dahl Ltd. acquired 8% of the outstanding common shares of Tippy Ltd. for $400,000. This amounted to 80,000 shares.  At th