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!
Differences members and creditors voluntary wind up:
main differences between a members' and a creditors' voluntary winding up are that:
(a) in a creditors' voluntary winding up the liquidator, although responsible to members as well as creditors, is selected by the creditors. In a members' voluntary winding up he is appointed by the members;
(b) in a creditors' voluntary winding up the liquidator must obtain the approval (usually) of the committee of inspection for the exercise of certain statutory powers. In a members' voluntary winding up he obtains approval from the members in general meeting;
(c) there is a committee of inspection in a creditors' voluntary winding up with up to five members, a majority of whom being appointed by the creditors: s.288(1). There is no committee in a members' voluntary winding up.
The effect is that the creditors have a decisive influence on the conduct of the liquidation. This is reasonable since it is assumed (in the absence of a statutory declaration of solvency) that the company is unable to pay its debts in full. The remaining assets will therefore be realized for the benefit of the creditors and the members get nothing (unless the company proves to be solvent after all).
Meetings are held in the same sequence as in a members' voluntary winding up but the meetings of creditors are called at the same intervals as the meetings of members and for similar purposes.
State about the Security Council of United Nations? The Security Council: The Security Council has main responsibility for the preservation of international peace and sec
Domestic Agency of Necessity However a married woman that has been actually or constructively deserted through her husband has authority on common law to take necessities at c
Stakeholders emphasised that a coordinated, whole of government approach is necessary to mitigate phoenix activity. Stakeholders also emphasised that options should recognise th
Scheme at meeting - reconstructions: Following approval of the scheme at meeting(s) application is made to the court for an order to approve and implement the scheme. At this
Raising Of Capital: In commercial parlance, the word 'capital' is generally used to denote the amount by which the assets of a business exceed its liabilities. Conversely, in
Partnership Law However section 3(1) of the Partnership Act characterize like partnership; such; Therefore "The relation that subsists between persons carrying at a busines
QUESTION 1 Arbitration has proved itself to be a valuable scheme in alternative dispute resolution of conflicts. Discuss the advantages and disadvantages of Arbitration as a su
Attorney General However the office of the Attorney simply is established through sec (i) of the constitution. In the public service it is an office. Appointment of
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
Important points - Contractual Capacity of Drunken Persons Here the following points should be notice for as: Ratification Well a drunken man who enters into
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