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.
Effect of Ultra Vires Transaction: An ultra vires transaction with a company may result in: a) a transfer of specific property to the company, or b) money being lent to
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
Question 1 What are the rights and duties of an agent? Question 2 (a) What is the significance of the passing of property i) where the contract is an agreement to se
Form of reconstruction: Where one company transfers its undertaking (and assets) to another company in exchange for shares to be alloted direct or distributed to the members o
Question 1 A contract comprises od reciprocal promises. In the contract of sale who is an unpaid seller? Describe the remedies for breach of contract under Sale of Goods Act, 1930
Managing Director: In Ellis v Bailey and Company (East Africa) Limited (76) it was stated that "without specific authority in the articles directors may not appoint one of the
Question 1: (a) What does Professional Practice mean to you? Define your perception of good Professional Practices. (b) Discuss some of the difficulties and challenges fac
Star Club is a casino established in mid-eighties in Sri Lanka. Since it is in the business for more than 25 years it is famous among local and foreign gamblers. John has been work
The Doctrine of 'Ultra Vires': The doctrine of ultra vires is a legal rule that was articulated by the House of Lords in the case of Ashbury Rail, Car
I am an executive being transferred from my home city on the west coast to one in the Midwest. I know nothing about the city I'm moving to, but I have to buy a house there. Realtor
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