Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Statutory power - mergers and winding up:
It is usual to proceed under s.207 as there are technical difficulties over s.300 procedure. The liquidator's powers to reach a compromise with creditors are restricted to cases where all creditors (of the same class) are treated alike, e.g. a uniform payment of Shs.15 in 1 pound to be accepted in full settlement. But if their rights are to be varied a scheme of arrangement is required, i.e. s.207 is the correct procedure.
CASE: RE TRIX (1970)
A liquidator proposed to distribute assets to creditors otherwise than in accordance with their rights. He applied to the court under s.241 for its approval of the exercise of his statutory power of compromise.
He explained that a scheme of arrangement under s.207 would entail heavy expense which would deprive creditors of any advantage which that method might confer. Non-ascending creditors objected.
Held:
S.207 gives to creditors a right to state their objections to the court and the court may then in its discretion decide whether to approve the scheme. They would be unfair deprived of that opportunity under the more summary procedure of s.241. The liquidator's application for approval was rejected.
APPLICATION OF THE UNWRITTEN SOURCES OF ENGLAND LAW: Conversely it is a rule of England Law that unwritten laws are to be applied subject to the provisions' that any applicabl
Directors Report: By S.157 (1) the balance sheet must have attached to it a directors' report on the company's affairs, including the amount, if any, which they recommend shou
Warranties - Terms of a Contract However there is no precise legal definition of such "warranty" that in legal nomenclature, where is susceptible for a variety of interpretati
Advantages of Stare Decisis - Flexibility Since of the freedom that final Court of Appeal always has to depart from a previous decision of its own whether the social condi
Question 1: Constructive dismissal is inherently different from dismissal in the sense that it is the employee who necessarily takes the initiative in considering the contract
Liability of Incoming Partners and Death of a Partner Liability of Incoming Partners However Unless a new partner makes a individual agreement to the effect such he wil
How much for a 1000 word report? Graduate level
a) Explain two scenarios in which a restraint of trade clause would typically be used. b) Suppose your employer wanted to include a restraint of trade clause in your employment
What is the meaning of Policy process planning We shall see a step wise guide applied in actual policy formulation. It will pull you out of the jungle of technical interconnect
PREFERENTIAL DEBTS: These unsecured debts which rank ahead of a floating charge and non-preferential debts are: (a) one year's taxes, i.e. corporation tax, PAYE income tax de
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd