Procedure after winding up order-liquidation of companies, Financial Accounting

Assignment Help:

Procedure after Winding-up Order

1. A copy of the order must be filed by the company with the registrar s.227.

2. The company must deliver a statement of affairs to the Official Receiver within 14 days of the order, or of the appointment of a provisional liquidator s.232 (the details are the same as in the case of a receivership: se paragraph6.28 above.

3. The Official Receiver must submit a report to the court as soon as practicable after receiving the statement of affairs showing:

a.    The amount of issued, subscribers and paid-up capital and the estimated amount of debts and liabilities,
b.    The causes of the company's failure, if any, and
c.    Whether further inquiry is desirable s.233.

If he thinks fraud has been committed he may submit a further report and the court may then order the public examination of any promoter or officer named therein s.265.

4. The first meetings of creditors and contributories are summoned by O.R. These must be held within one month of the order, or within six weeks if a special manager has been appointed, by notice in the Gazette and a local paper, and seven days' notice to each creditor and contributory, accompanied by a summary of the statement of affairs and his comments thereon: the meetings determine whether to appoint a liquidator and a committee of inspection and, if so, to nominate them s.236.


Related Discussions:- Procedure after winding up order-liquidation of companies

State the accounting as an information system, State the Accounting as an i...

State the Accounting as an information system We know that accounting can be seen as provision of a service to 'clients'. Another way of viewing accounting is as a part of busi

Accounting standard, redemption of debentures by sinking fund method

redemption of debentures by sinking fund method

Consolidated financial sttements, Cherry Ltd has the following segment info...

Cherry Ltd has the following segment information from the consolidated financial statements for the years ended 31 December 2011 and 2012: Operating segments C V I N$ N$ N$ Sales

Illustrations of changes in accounting estimates, Illustrations of Changes ...

Illustrations of Changes in accounting estimates B Ltd., bought an item of plant at a total cost of £100,000. The estimated useful life commencing from 1st January 2000 was 10

Calculate the amount of profit or loss, On 1 January 2009, a company, Yeti,...

On 1 January 2009, a company, Yeti, granted an employee the right to choose between (i) 30,000 Yeti shares or (ii) a cash-payment equivalent to the price of 24,000 Yeti shares on 3

Maximum cost recovery deduction, In May of 2010 a calendar year taxpayer, p...

In May of 2010 a calendar year taxpayer, placed in service $2,137,000 of USED 15-year recovery property. The taxpayer has taxable income of $1,175,000 before the cost recover

Calculate the risk premium , Question: Zelo, Inc. stock has a beta of 1...

Question: Zelo, Inc. stock has a beta of 1.23. The risk-free rate of return is 4.5% and the market rate of return is 10%. What is the amount of the risk premium on Zelo stock?

Cost of equity and corporate taxes, 1. Firm L has debt with a market value ...

1. Firm L has debt with a market value of $200,000 and a yield of 9%. The firm's equity has a market value of $300,000, its earnings are growing at a rate of 5%, and its tax rate i

Disclaimer of onerous property-bankruptcy, DISCLAIMER OF ONEROUS PROPERTY ...

DISCLAIMER OF ONEROUS PROPERTY 1) Effect of disclaimer The trustee may disclaim onerous property consisting of: Land burdened with onerous covenants; Stocks and shares;

Financial statements, Describe the following questions:- Q.1 Explain how...

Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd