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!
Differences members and creditors voluntary wind up:
main differences between a members' and a creditors' voluntary winding up are that:
(a) in a creditors' voluntary winding up the liquidator, although responsible to members as well as creditors, is selected by the creditors. In a members' voluntary winding up he is appointed by the members;
(b) in a creditors' voluntary winding up the liquidator must obtain the approval (usually) of the committee of inspection for the exercise of certain statutory powers. In a members' voluntary winding up he obtains approval from the members in general meeting;
(c) there is a committee of inspection in a creditors' voluntary winding up with up to five members, a majority of whom being appointed by the creditors: s.288(1). There is no committee in a members' voluntary winding up.
The effect is that the creditors have a decisive influence on the conduct of the liquidation. This is reasonable since it is assumed (in the absence of a statutory declaration of solvency) that the company is unable to pay its debts in full. The remaining assets will therefore be realized for the benefit of the creditors and the members get nothing (unless the company proves to be solvent after all).
Meetings are held in the same sequence as in a members' voluntary winding up but the meetings of creditors are called at the same intervals as the meetings of members and for similar purposes.
Public Company - Registration Procedures: Consent to act as director (Form No 209) If any person is appointed director of the company by the articles which are to be deli
Duties of an Advocate First is, Duty to the Court Whether as an officer of court an advocate is bound to assist in administration of the justice. Thus he must adv
DISCLAIMER OF ASSETS: The liquidator has a statutory right of disclaimer of assets: s.135. The rules are: (a) he must obtain leave of the court; (b) the right o
Define the term- international implications of enforcement Agencies cooperate over time, they converge towards common principles that might then serve as the foundation for the
Pre-incorporation Contracts: A pre-incorporated contract is an agreement which is entered into, usually by a promoter or promoters, on behalf of a
Determine the term Uncertainty - Policy process We know that uncertainty is one of main influencing factor in policy process and especially in coordination of economic policies
A man is standing at a bar. His friend Sam says to him, "Jim, it was Claude who scratched your car and slashed all your seats." Two days later Jim is found beaten i
Determine about the Opportunistic policy cycle We now turn back once again to study the behaviour of the decision maker who, ultimately wants to return to the office in future.
Purchase of Shares - Voidable Contracts However an infant who applies to is allotted, a company's shares becomes a member to the company under S.28 (2) for the Companies Act f
Rules Relating to an Offer - Law of Contract However the case law relating to an offer has established the following rules: 1. Such offer may be oral plus written or may be
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: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd