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UNSECURED ORDINARY DEBTS:
A secured creditor obtains payment (to the extent that his security is adequate i.e. if it exceeds in value the amount owing to him) because he has a valid prior claim to that security. Unsecured creditors are paid out of the remaining assets, i.e. the aggregate of:(a)any surplus value obtained by secured creditors in realising the assets which are their security and paid over to the liquidator, and(b)any assets which are not subject to charges given to secured creditors.But two special claims have to be given their due priority, i.e.(a)costs of winding up including the legal expemses and liquidator's remineration, and(b)preferential unsecured debts.
APPOINTMENT BY DIRECTORS: The company first auditors of may be appointed through the directors at any time before the first annual general meeting, and auditors so appointed s
Usual business at an annual general meeting: The registrar is not bound to call or direct the calling of the meeting but, in the event of his refusing to do so, the aggrieved
A team of players from a Singapore-based university was planning a trip to Cameron Highlands, where an exhibition on the history of tea, the process of growing, harvesting and proc
Describe the Separate streams of problems and policies The separate streams of problems, policies, and politics each have lives of their own. Problems are recognized an
MEANING OF "OPPRESSION": The Section does not define the word "oppression" or what constitutes "oppressive conduct". However, the Cohen Committee's Report
Delivery of Good – Sales of Goods Therefore this is the voluntary transfer of possession from one person to other. Actually delivery usually takes any of the next forms, namel
Use of shares of the minority: X, Y and Z held 4,500, 4,500 and 1,000 one pound shares respectively, of Company B. They were the only shareholders and X and Y were the direc
Formation and Partners - Partnership Law However the Partnership Act does not prescribe rules to the formation of a partnership. Therefore a partnership may be formed like:
Group Accounts: S.150(1) provides that if, at the end of its financial year, a company has subsidiaries, then it must include in its annual accounts "group accounts" dealing w
Transactions Arising In A Liquidation: In collection in and realisation of assets in order to pay the company's debts and then to distribute any surplus to members the liquida
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