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.
Advantages of Stare Decisis - Aptitude for growth However process of 'distinguishing' cases facilitates the growth of detailed legal principles to deal by different factua
Explain the term- Sustainability One of the major problems identified for international policy coordination is whether the agreed outcome is sustainable. As can be seen from th
Your first big case is a multiple murder. As defense attorney for SyKopath, you have come to the realization that he really did break into a couple's home and torture and kill them
case study
You act for Fred who is the secured lending manager of BigBank. He has a troublesome customer, Macs Tires Pty Ltd. This is a family run tire business with three directors. The prin
Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the
Restricted Names: Section 17)1) of the Registration of Business Names Act provides that no company shall be registered under a business name: (a) which contains any wo
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
Advantages of Stare Decisis - Flexibility Since of the freedom that final Court of Appeal always has to depart from a previous decision of its own whether the social condi
Case Law Relating To Dividends: The above provisions of Table A supplement the following common law rules: 1) Losses in previous years need not be provided for. Furthe
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