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!
Proceedings for Compulsory Liquidation:
When the petition is presented to the court a copy is delivered to the company in case it objects, and it is advertised so that other creditors may intervene if they wish. At the hearing, a creditor whose debt is unpaid is likely to secure an order for compulsory liquidation (as his remedy of last resort) unless the company (paragraph 8) or opposing creditors (paragraph 9) persuade the court to dismiss the petition.
If the petition is presented by a member (contributory) he must show (in addition to suitable grounds for compulsory liquidation) that:
(a) the company is solvent or alternatively refuses to supply information of its financial position. The court will not order compulsory liquidation on a member's petition if he has nothing to gain from it. If the company is insolvent he would receive nothing since the creditors then take all the assets;
(b) he has been a registered shareholder for at least six of the 18 months up to the date of his petition. But this rule is not applied if the petitioner acquired his shares by allotment direct from the company or by inheritance from a deceased member or if the petition is based on the number of members having fallen below two: CA s.221.
A personal representative of a deceased shareholder may petition but he must first obtain a grant of probate etc. to establish his authority to represent the estate: CA, s.216. The trustee in bankruptcy of a bankrupt contributory may also petition on his behalf: CA, s.217.
State about the Median Voter Theorem Percentage of vote necessary for a proposal to be adopted, remember Median Voter Theorem, will affect the difficult of adopting a proposal,
Liquidators' Powers: The liquidator (in any type of liquidation) has numerous statutory powers but in the exercise of some of them he mus
Capacity to Become a Partner - Partnership Law Competence to enter in partnership is co-extensive about capacity to contract. Actually an infant may enter in a contract eithe
What are the types of international law? Two main types of international laws are there, it is public international law and private international law. Public law is law th
Explain the right of self determination The right of self determination amounts to an exception in the sense that when fighting for self determination, the state can render as
Vacation of Office: In addition to vacating office under the aforesaid provisions of Article 88 a person may cease to be a director for various reasons like as;-
What are the rights and duties of a principal
Question: Joe is the regional manager of a multinational company operating in your country. This business manufactures toys for children and sells them in several other countri
Types oF Goods - Sales of Goods Further the Act classifies goods into: like; (i) Specific Goods Whether specific goods are "goods" like are acknowledged and agreed on
Q. Indicator based definition of phoenix activity? Many stakeholders emphasised the importance of educating the community about the signs or indicators of phoenix activity. A d
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