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LIQUIDATION OF COMPANIES(a) Methods of Winding Up:
A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the supervision of court.Grounds for compulsory winding up:A company may be wound up by the court under s.219 if:The company so resolves by special resolution, The number of members fall below seven, or two if a private company tetc.
Persons Who May Petition:A petition may be presented by any of the following: A Creditor, A Contributory, The Official, The Company Receiver.The Petition:
The petition must be in the prescribed form and verified by affidavit, and must be advertised in the Gazette and a local paper seven clear business days before the hearing. Interim Liquidator:
An application to the court for such an appointment (usually of the O.R.) may be made at any time between presentation and hearing, especially if the assets are in jeopardy s.235: he takes control of all the company's property and no legal proceedings can thereafter be begun or continued against the company without leave of the court s.228.
Van Aalst Company's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet
Assets 1) The classification of investments in the Balance Sheet will be under a few broad headings with schedules listing the individual assets. Where the Trustees Act has been
Troubled Debt Restructuring - Agreement between CREDITOR and DEBTOR which amends the terms of a DEBT which has little chance of being paid in accordance with its contractual terms.
effects of technology in banking sector
Journalize the entries to record the receipt of the amounts due on Notes (5) and (6) in January. Date Face Amount Term Interest Rate 5. Nov. 15 $54,000 60days 6% 6. Dec. 27 $40,500
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