Liquidation of companies-bankruptcy and liquidation, Financial Accounting


(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

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