Declaration of solvency, Business Law and Ethics

Assignment Help:

DECLARATION OF SOLVENCY:

                                      A voluntary winding up is a members' voluntary winding up only if the directors make and deliver to the registrar a declaration of solvency:

This is a statutory declaration that the directors have made a full inquiry into the affairs of the company and are of the opinion that it will be able to pay its debts in full within a specified period, not exceeding 12 months.

The declaration is made by all the directors or, if there are more than two directors, by a majority of them.

The declaration includes a statement of the company's assets and liabilities as at the latest practicable date before the declaration is made.

The declaration must be:

(a) made within the thirty days immediately preceding the date of the passing of the resolution for winding up, and

(b) delivered to the registrar for registration before that date: s.276(2)

If the liquidator later concludes that the company will be unable to pay its debts he shall further notify the registrar accordingly and call a meeting of creditors and lay before them a statement of assets and liabilities: s.281(1)


Related Discussions:- Declaration of solvency

Statutory provisions, STATUTORY PROVISIONS: Article 4 of Table A permi...

STATUTORY PROVISIONS: Article 4 of Table A permits a company to vary the rights attached to any class of shares if the proposed variation is consented to in writing by the hol

Describe about a trade union, Question 1: (a) Describe about a Trade Un...

Question 1: (a) Describe about a Trade Union. (b) Show the objectives of the Trade Union in the Republic of Mauritius. Justify your answer. (c) If you were nominated as

Determine the reasons of policy perspective, Determine the reasons of polic...

Determine the reasons of policy perspective The term system is needed for two reasons: i) It encompasses all sovereign states and therefore possesses the virtue of being com

Substantive and procedural law, Substantive Law: Therefore this is con...

Substantive Law: Therefore this is concerned through the rules themselves as opposed to the procedure on how to affect them.  So it defines the rights and duties of parties an

What is the meaning of policy process planning, What is the meaning of Poli...

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

Mind like inventions, Intellectual property refers to creations of the mind...

Intellectual property refers to creations of the mind like inventions, artistic and literary works, designs, and more used for profit. There are two categories of intellectual prop

AUDITING, EXPLAIN THE KNGSTON COTTON MILL CASE

EXPLAIN THE KNGSTON COTTON MILL CASE

When was the concept of refugee expanded, When was concept of refugee expan...

When was concept of refugee expanded Refugee law encompasses international legal instruments including the following : The 1951 United Nations Convention relating to the Status

Supervisory jurisdiction and admiralty jurisdiction, Supervisory Jurisdicti...

Supervisory Jurisdiction and Admiralty Jurisdiction Supervisory Jurisdiction However the High Court has jurisdiction under S.65 (2) of the Constitution to supervise a n

Describe the evolution of health and safety legislation, Question 1: Mr...

Question 1: Mr Ben is the director of ABC Ltd. He wishes to know whether he has any responsibility under the OSHA regarding the presence of the following in his enterprise:

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