Committee of inspection - winding up, Business Law and Ethics

Assignment Help:

Committee of Inspection:

                                      A committee of inspection is appointed in a compulsory liquidation and in a creditors' voluntary liquidation. It usually comprises such number of representatives of members and of creditors as may be agreed on by the meeting of creditors and contributors.  If they disagree, the court decides the number (in a creditors' voluntary liquidation limited to a maximum of five). The committee meets once a month unless otherwise agreed and may be summoned at any time by the liquidator or by a member of the committee: s.249.

The general function of the committee is to work with the liquidator, to supervise his accounts, to approve the exercise of certain of his statutory powers and to fix his remuneration.  Like the liquidator himself members of the committee are in a fiduciary position and may not secure unauthorized personal advantages, e.g. by purchase of the company's assets.


Related Discussions:- Committee of inspection - winding up

What are the main areas of case law, What are the main areas of case law? ...

What are the main areas of case law? Case law: There are two main areas, as follows: • Common law: It is an amalgamation of past cases that are used to make decision

Business Ethics, do u have this book (richard t degeorge business ethics)

do u have this book (richard t degeorge business ethics)

Accuracy of the managers certificate, Accuracy of the managers certificate:...

Accuracy of the managers certificate: Was it the duty of the auditors to test the accuracy of the manager's certificate by a comparison of the figures in the books, and were t

Define the term - inaction and crises, Define the term - Inaction and crise...

Define the term - Inaction and crises We know that the standard social planner does not show and delay or have tendency of inaction and adopts a policy as soon as it is proved

Introduction to business law, Part A Approach a small business owner an...

Part A Approach a small business owner and find out the following: a. What is the legal structure of their business? - Discretionary trust legal structure for an Accounti

Directors powers, Directors Powers: Equity regards directors as holdin...

Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the

Compulsory change - change of name , Compulsory Change: Section 20(2) ...

Compulsory Change: Section 20(2) of the Act provides that within six months of registration with a particular name the registrar may direct a change in name if in his opinion

Essay on Legal Change, Identify and explain any legal changes which had res...

Identify and explain any legal changes which had resulted from Economic changes, Changes in our moral values and Political changes

Business ethics and public relations, Select an existing business that is d...

Select an existing business that is dealing with, or has recently dealt with, a negative public relations situation involving business ethics. You may also use your own company. Co

Define the term - legislature-executive trade off, Legislature-Executive Tr...

Legislature-Executive Trade off Let us move a bit closer to the reality. In standard modes of policy optimization we assure that there is a single policy maker, who controls th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd