Members voluntary winding up, Business Law and Ethics

Members voluntary winding up:

In a members' voluntary winding up the creditors play no part since the assumption is that their debts will be paid in full.  There is no committee of inspection (on which creditors would be represented).  The liquidator calls special and annual meetings of members to whom he reports:

(a) within three months after each anniversary of the commencement of the winding up the liquidator must call a meeting and lay before it an account of his transactions during the year: s.282.

(b) when the liquidation is complete the liquidator calls a meeting to lay before it his final accounts.

After holding the final meeting the liquidator sends a copy of his accounts to the registrar who dissolves the company three months later by removing its name from the register.

Posted Date: 1/15/2013 5:00:06 AM | Location : United States

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