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.
Law Society of US Establishment However it is established through sec 3 of the Law Society of US Act Cap 18. Hence it is a body corporate through the name Law Society
Exceptions of Merger accounting: S.56 (1) permits a company to give financial assistance for a purchase of, or subscription for, its shares in the following circumstances:
INTERNATIONAL LAW AND MUNICIPAL LAW International law is defined as a law between sovereign states and it is implemented to certain subjects such as the States. There are variou
What is UDHR UDHR is therefore, considered as a source of international law relating to human rights. Apart from UNGA-responsible for issuing resolutions, the decisions of the
Commercial Law Alice is an 80 year old, illiterate, and suffering from Alzheimer’s disease (a disease affecting short-term memory). Will is a social worker employed by the loc
Ostensible Authority - Authority of Partners A difference is something drawn among the genuine and ostensible authority about a partner. Whether it is actual or express author
WINDING UP ON: "THE JUST AND EQUITABLE GROUND": Unlike the other five grounds this one is widely interpreted and it is no objection that the petition is based on facts u
Question1 Describe the term banking and what are the permitted businesses for a banking company as per BR Act 1949 Question2 When is a negotiable instrument considered as
Societies: Societies are associations registered under the Societies Act 1968. Section 2(1) of the Act defines a society very broadly as including any club, co
Choice Of Method: There are three statutory methods to be considered: Where one company offers to acquire the shares of another company and its offer is accepted b
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