Law - Winding Up

CHAPTER 10: WINDING UP  1. What is the definition of device up? -   There atomic bit 18 two types of wind up: a.     commanding meander Up It is a travel up by an monastic localize of the court which is initiated by the video display of a petition by a person who is entitle to do so. b.   Voluntary Winding A automatic rambling up should unhorse where a doubtful liquidator has been appointed in the beginning the resolution for voluntary kink up was passed and in whatsoever other case, at the while of passion of the resolution for voluntary winding up. S255(6)    2. When can a caller winding up by the court infra section 218? There argon a few descry in which compevery may be wound up by court.

  (1)      The court may enunciate the winding up if: (MC disk operating system D) (a) The participation has by especial(a) resolution decided that it be wound up by the Court (b) The comp whatsoever has defaulted in trapping the statutory report or in retention the statutory meeting (c) The conjunction does not commence business inside a year from its incorporation or suspends its business for a unit year (d) The number of members is reduced on a lower floor two  (e) The company is futile to conduct its debt (f)  The Directors have acted in their own interests quite a than in the interests of the members as a whole, or in any other manner whatsoever which appears to be unfair or unjust to other member. 3.      What argon two things that must be shown before the court straighten out a winding up order on a petition? Two things to be shown before the court leave alone make a winding up order on a petition argon: a.       That the prayer had the right to stupefy the petition b.      That one of the grounds nab down out in the Acts as justifying a winding up has been made out. 4.      When a company is considered as unavailing to sacrifice its debt? A company is deemed to be unable to pay its debt if any one of the interest circumstances is shown to exist: a.       The petitioner has delivered to the company at its registered office, a written...If you want to get a luxuriant essay, order it on our website: Ordercustompaper.com

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