Compulsory liquidation - winding up, Business Law and Ethics

Assignment Help:

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.


Related Discussions:- Compulsory liquidation - winding up

Court access and power, American citizens can utilize their Courts only und...

American citizens can utilize their Courts only under certain conditions and circumstances. That is, there are both formal and informal "barriers" to access the legal system.

What are the functions of the independent commission, Question 1: The B...

Question 1: The Bill of Lading possesses the key features of an efficient transport document. Discuss. Question 2: A CIF sale is not a sale of goods but a Sale of Do

Determine the name of tort, Patrick works in the same office as Marian...

Patrick works in the same office as Marian and they do not work well together. One day, Marian got credit for a job well done and Patrick got angry over it. He walked int

Distinguish between the concepts of originalism and dynamism, Question 1: ...

Question 1: Discuss the main problems faced by judges when interpreting a piece of legislation. Question 2: A necessary evil': Would you agree with this definition of d

Committal stage - reading, Committal Stage: In this such order 103 off...

Committal Stage: In this such order 103 offers that a Bill having been read a second moment shall stand committed to a committee of the Whole House, unless the House commits t

Powers of arbitral tribunal, Powers of Arbitral Tribunal Powers of Arb...

Powers of Arbitral Tribunal Powers of Arbitral Tribunal are as Follow: For determine whether it has jurisdiction to entertain a dispute and For provide interim reme

Administrative law, QUESTION Miss Titch Herr, a newly appointed educati...

QUESTION Miss Titch Herr, a newly appointed education officer, starts her day at No Nonsense State Secondary School (NNSSS), an institution wholly subsidized from public funds

Explain about the tort of negligence, Explain about the tort of negligence....

Explain about the tort of negligence. A form of civil wrong where a contract doesn’t exist among the two parties and this is not a crime where punishment is the major goal to t

Proceedings at meetings - meetings and resolutions, Proceedings at Meetings...

Proceedings at Meetings: (a)Each item of business comprised in the notice should be taken separately, discussed and put to the vote.  Members may propose ammendments to the re

Powerpoint presentation on ethics-sustainability and culture, I will provid...

I will provide a cases from the media that have ethical implications. Please prepare a ppt presentation that: a) describes the issue/story (Clearly identify which case you ar

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