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.
Explain International Atomic Energy Agency The NPT also creates rights and obligations on the members of NPT to comply with the provisions of the treaty and to ensu
What is the European law? European law: Designed to make a single market for European member states to trade freely all along with each but has as moved onto a closer tie
QUESTION (a) Mr Raj owns a plot of land and wishes to invest in the tourism industry and seeks your advice as to whether he needs to apply for a tourist enterprise licence and
QUESTION 1 Enumerate and comment upon the number and nature of the grounds on the basis of which a citizen may challenge the decision of a public body. Illustrate your answer w
Civil Liabilities: LIABILITY FOR FAILURE TO STATE ANY MATTER OR REPORT At Common Law, a contract of allotment is not a contract Uberrimae Fidei. The company is therefore no
Fraudulent Preference: Under s.312, any disposition of the company's property and any creation of a charge, fixed or floating, effected during the period of six months before
Determine the schemes of Michael Mandelbaum Michael Mandelbaum has offered a two fold scheme, the inside-out and outside-in approach. According to inside-out approach, a natio
PROTECTION OF CREDITORS: Where the reduction of capital involves diminution of unpaid capital or repayment to shareholders of paid-up capital, creditors have a statutory right
Agency by Ratification So then Agency by ratification can only arise whether: The agent purported for act to a principal and one is The alleged principal was in exi
state the date on which the act came into force
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