Assets and liabilities of the company, Business Law and Ethics

Assignment Help:

Assets and liabilities of the company:

Within 14 days of the making of the order for winding up a statement of affairs must be delivered to the liquidator (Official Receiver) verified by one or more directors and by the secretary (and possibly by other persons).  The statement shows the assets and liabilities of the company and includes a list of creditors with particulars of any security which creditors may hold: CA, s.232.

 The Official Receiver may require that others concerned in the recent management of the company shall join in submitting the statement of affairs.  These may be (at the Official Receiver's discretion unless the court has given directions):

(a) present or past officers of the company, i.e. its management;

(b) employees who are or who have been in the service of the company within the previous year if it is considered that they can provide the information required;

(c) persons who have taken part in the formation of the company within the previous year.

The Official Receiver makes a preliminary report to the court on the causes of the company's failure and states whether in his opinion he should make further investigation and report on suspected fraud; s.233.  If he does so this may lead on to the public examination in open court of those believed to be implicated (a much-feared sanction).


Related Discussions:- Assets and liabilities of the company

Companys capital, Companys capital: An order made by the court may- ...

Companys capital: An order made by the court may- (a) regulate the conduct of the company's affairs in future, as in Re: H.R. Harmer Ltd;- in which the father (Harmer) was

Define the term - social attainment and economic growth, Define the term - ...

Define the term - social attainment and economic growth Many problems can also be seen either as private problem for those who experience them or as public policy failures that

What is a contract, QUESTION (i) Briefly explain the following in relat...

QUESTION (i) Briefly explain the following in relation to the legal structure of Mauritius- Legislative branch Executive branch Judiciary branch Local Government

Intention - element of contract, Intention - Element of Contract Moreo...

Intention - Element of Contract Moreover to an agreement to constitute a contract then the parties thereto must have intended it for have legal consequences.  Subsequently an

Powers of managing director, Powers of Managing Director:             ...

Powers of Managing Director:             Article 109 offers that "the directors may entrust to and confer upon a managing director any of the powers exercisable by them upon s

Explain pacific settlement of disputes, International Peace and security ...

International Peace and security Pacific settlement of disputes means to resolve disputes to avoid threats to International Peace and security so that such disputes do not beco

Illustrate the example of the policy clustering, Illustrate the example of ...

Illustrate the example of the Policy Clustering Countries democratize because of political or economic pressures within their country pressures that exist simultaneously for le

Impact of phoenix activity on employ superannuation, Q. Impact of phoenix a...

Q. Impact of phoenix activity on employ superannuation? Employees experience a range of impacts other than lost wages, entitlements and superannuation from phoenix activity. Fi

Mode of reduction - alteration of capital, Mode of Reduction: S.68 (1)...

Mode of Reduction: S.68 (1) expressly states that a company may reduce its capital "in any way". There is therefore no statutorily prescribed mode of reduction and the actual

Assets in the possession of creditors, ASSETS IN THE POSSESSION OF CREDITOR...

ASSETS IN THE POSSESSION OF CREDITORS:  If the creditor has seized assets in the course of executing a judgement for debt against the company and at the commencement of the wi

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd