Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Compulsory liquidation - winding up:
There are a number of points of similarity:(a) in a compulsory (but not a voluntary) liquidation the directors have to submit a statement of affairs to the Official Receiver as provisional liquidator. If a receiver is appointed under a floating charge covering the company's undertaking as a whole he too is entitled to be given a statement of affairs.(b) accountants who specialize in insolvency may be appointed as liquidators or as receivers (sometimes they combine these positions in the same company but professional opinion in the U.K. has hardened against this position since there can be difficult conflicts of interest to resolve between unsecured creditors and members on one side and secured creditors on the other);(c) a receiver appointed under a floating charge is also manager of the business (or a manager is appointed to assist him). His function is to continue to carry on the business on a going concern basis. The liquidator's function is to sell the company's assets on the best terms he can get. As closure costs (redundancy payments to employees etc.) can be heavy a liquidator may decide to carry on the business with a view to selling it as a going concern. But this is only one of the alternatives open to him;(d) neither liquidator nor receiver usually has the assets of the business vested in his legal ownership (though a liquidator may obtain a court order for assets to be vested in him under CA, s.240 - but this is not common). Both liquidator and receiver have control of the company's assets.
Exceptions to the rule in Foss v Harbottle: According to Professor Wedderburn, the so-called exceptions are essentially no exceptions at all. They appear to be circumstances
Contracts of Guarantee However a contract of guarantee or suretyship is such a contract through one person to answer that for the debt, such default or miscarriage of another.
Wishes of members of parliament -Disadvantages law: However acts of Parliament do not reflect the wishes of the people as voters although the wishes of the individuals that wh
Defines Controlled delivery This convention legalized the act of Controlled delivery and defines "Controlled delivery" as "the technique of allowing illicit or suspect consignm
Implied powers rule: The courts would regard such things as impliedly within the company's powers unless they are "expressly prohibited" by the memorandum. The range of transa
Non-accepting shareholders: Acceptance on the required scale must be obtained within a maximum of four months from the date of the offer. The position then is that: (a) at
Formation and Characteristics of Agency An agency may come into existence by the following ways: Contract (Appointment) or agreement Further this can be done in any
General principles of Calls on contributories: If it is necessary to make calls on contributories the liquidator draws up a list "A" of contributories who were members at th
(A Safe Assign note : All work submitted will be checked for plagiarism using an automated tool developed by Blackboard. Work will be checked against a variety of sources including
an impartial jury must
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!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd