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

Explain the jurisdiction, JURISDICTION  According to Peter Stephen Du P...

JURISDICTION  According to Peter Stephen Du Ponceau, an international lawyer from Philadelphia, Jurisdiction, in its most general sense means; "The power to make, declare, o

Important step in the policy making process, QUESTION 1 (a) According t...

QUESTION 1 (a) According to Thomas Dye "Public Policy is whatever governments choose to do or not to do". How far do you agree? (b) Explain clearly how the first important s

I need thesis, i need first proposal for a thesis on arbitrtion or construc...

i need first proposal for a thesis on arbitrtion or construction law which must be practical not theoritecal

Possessory lien, Possessory Lien Possessory Lien right of a party in p...

Possessory Lien Possessory Lien right of a party in possession about anothers goods to retain like the m as security about an obligation owned as in the owner.  Therefore the

Legal pyramid, Legal Pyramid: However the sources of England law menti...

Legal Pyramid: However the sources of England law mentioned above may be described through the aid of the following diagram or "legal pyramid"; NOTE: there as;

Business ethics, Imagine yourself in a situation of being encouraged to inf...

Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the

Give five differences between law and ethics, QUESTION (a) In scientifi...

QUESTION (a) In scientific ethics, list four fundamental principles of scientific research? (b) Give five differences between law and ethics (c) When does a ‘Conflict of

Arbitration is overriding condition in business contracts, QUESTION 1 A...

QUESTION 1 Arbitration is an overriding condition in all business contracts. Without a clause for arbitration business relationship is bound to suffer. Critically examine this

Find out the ethical issues of the organization, Select a manufacturing org...

Select a manufacturing organization and find out the ethical issues of the organization in the following areas: Production: Marketing & sales: Human Resources & employee relatio

Business law , Explain whether Mike should be excused from not performing u...

Explain whether Mike should be excused from not performing under the contract with Jim: Facts Mike ran an excavation business whereby he was contracted by builders to use his exca

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