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.
Explain UNCTOC UNCTOC identified the concept of an organized crime. A crime is termed as an "Organized Crime" when people in different countries and/or of different national
Law Society of US Establishment However it is established through sec 3 of the Law Society of US Act Cap 18. Hence it is a body corporate through the name Law Society
In 2004 the Corporations and Markets Advisory Committee proposed that assets and liabilities of companies be aggregated and creditors paid from a common pool which is commonly refe
Disclosed Principal - Relations between Agent and Third Party Whether the agent acted to a disclosed principal through informing the third party such he was an agent acting to
Recommendations for addressing phoenix activities Over the past two decades there have been a significant range of proposals for addressing phoenix activity. Most of these opt
Effect Of Rescission: Where a contract of allotment is rescinded, the former shareholder will be entitled to his money back (normally with interest) and to a refund of any exp
Functions of Attorney general Whereas under sec 26(2) the Attorney General is the principal legal adviser for government of US And whereas he occupies a ministeria
hello.. iahve one business law assignment can you please give me quote?
Question Note the behaviour of all parties with respect to the Mitchell Jones scenario which is (or could potentially be) a breach of the RTL Code and why you believe the beh
Common law systems such as that in the United States rely on prior decisions as a principal source for determining cases as they arise. a) What are the five ways that precedents
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