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Realisation of assets
1. Divisible property:
The ownership of the company's property does not vest in the liquidator (unless the court makes a vesting order: s.240); but he must take it under his control and apply it in satisfaction of the debts, and distribute any surplus among the members according to their respective rights and interests ss.239,296. The property available for this purpose is:
2. Recovery of property:
The following steps may be taken to recover the company's property:
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what is the implication of applying accounting concepts wrongly
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