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unsecured ordinary debtsa secured creditor obtains payment to the extent that his security is adequate ie if it exceeds in value the amount owing to
condition for liquidationthe liquidation itself may render a charge over the companys assets void in any of the following
secured creditorsa secured creditor maya realize his security and prove as an unsecured creditor for the balance if any of his debtbvalue the
general rules on statute-barred debtsa statute-barred debt should be rejected since it is not legally enforceable but in a members voluntary
disclaimer of assetsthe liquidator has a statutory right of disclaimer of assets s135 the rules area he must obtain leave of the
assets in the possession of creditors if the creditor has seized assets in the course of executing a judgement for debt against the company and at
transactions arising in a liquidationin collection in and realisation of assets in order to pay the companys debts and then to distribute any surplus
general principles of calls on contributoriesif it is necessary to make calls on contributories the liquidator draws up a list a of contributories
effect of voluntary winding upthe main difference in legal consequences between a compulsory and voluntary winding up area a voluntary winding up
differences members and creditors voluntary wind upmain differences between a members and a creditors voluntary winding up are thata in a creditors
creditors meeting - winding upthe creditors meeting is convened for the same day at a later time than the members meeting or it is held the following
creditors voluntary winding upif no declaration of solvency is made and delivered to the registrar the liquidation process is a creditors voluntary
members voluntary winding upin a members voluntary winding up the creditors play no part since the assumption is that their debts will be paid in
resolution to wind up voluntarily the type of resolution to be passed varies with the circumstances of the case as provided in s2711a if the
order for compulsory liquidationthe official receiver also calls separate meetings of creditors and of contributories within one month of the order
assets and liabilities of the companywithin 14 days of the making of the order for winding up a statement of affairs must be delivered to the
effects of an order for compulsory liquidationthe effects of the order are follows as area the official receiver an official of the high court whose
proceedings for compulsory liquidationwhen the petition is presented to the court a copy is delivered to the company in case it objects and it is
legal rights - winding upin substance these two people are really partners and by analogy with the law of partnership which permits dissolution if
deadlock in the managementthe company existed only to work a particular patent and as it could not do so it should be wound upbut if there are two or
winding up onthe just and equitable groundunlike the other five grounds this one is widely interpreted and it is no objection that the petition is
compulsory winding upat the hearing other creditors of the company may oppose the petition if so the court is likely to decide in favour of those
contingent and prospective liabilities of the companya creditor who petitions on grounds of the companys insolvency may rely on any of the following
winding-up a a company is dissolved ie ceases to exist when its name is removed from the register it is usually necessary before it can
ddisadvantages - mergers and winding upthe disadvantages of s280 are that cash may have to be provided to pay off creditors and dissenting members or