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LIQUIDATION OF COMPANIES(a) Methods of Winding Up:
A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the supervision of court.Grounds for compulsory winding up:A company may be wound up by the court under s.219 if:The company so resolves by special resolution, The number of members fall below seven, or two if a private company tetc.
Persons Who May Petition:A petition may be presented by any of the following: A Creditor, A Contributory, The Official, The Company Receiver.The Petition:
The petition must be in the prescribed form and verified by affidavit, and must be advertised in the Gazette and a local paper seven clear business days before the hearing. Interim Liquidator:
An application to the court for such an appointment (usually of the O.R.) may be made at any time between presentation and hearing, especially if the assets are in jeopardy s.235: he takes control of all the company's property and no legal proceedings can thereafter be begun or continued against the company without leave of the court s.228.
An item of plant was purchased for $100,000 on 1 January 2009. At that time its estimated residual value was $5,000. At 31 December 2009 prices, the residual value was estimated at
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PVA ∞ = A(1 + k) -1 + A(1 + k) -2 +..... + A(1 + k ) ∞ + 1 + A (1 + k) ∞ Multiplying both the sides of Eq (a7) by (1+k) provides: PVA ∞ = (1 +k) = A(1 +k) +A (1 +k)
Cost of goods sold minus sales
Cash flow Estimation and Capital Budgeting XYZ Electronics, Inc. is a manufacturer of eBook Readers. Its current model is selling excellently. However, in order to cope with t
The statement of comprehensive income for the year ended 31 December 2009 and its comparative is shown below: 2009 2008 $m
what is deffered taxation
ASSOCIATE COMPANIES (IAS 28) An associate company is a company in which the investing company owns more than 20% but less than 50% of the voting rights. This means that the inve
The return on investment has been aptly about as a primary ratio as it gives the relative net profit earned on the capital utilized. It is one particular measure where the last out
State the Nature of the reports produced - Financial accounting Financial accounting reports tend to be general-purpose which is, they contain financial information which would
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