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Reconstruction Under S.280:
The essential features of this type of reconstruction have been described at 8.2.1(b). It is subject to several disadvantages and is little used. But when a reconstruction takes this form s.280 procedure must be followed so that a dissenting minority does have the appropriate safeguard.
This procedure applies to a company which is proposed to be or is in course of being wound up voluntarily. A company in liquidation must dispose of its assets (other than cash) by sale in order to pay its debts and distribute any surplus to its members. The special feature of a s.280 reconstruction is that the business or property of Company P is transferred to Company Q in exchange for shares of the latter company which are allotted direct or distributed by the liquidator to members of Company P. Obviously the creditors of Company P will have to be paid in cash. A dissenting minority of members of Company P can also require to be paid in cash. Hence substantial sums may have to be found in cash. This is one of the drawbacks.
Perpetual Succession: According to the Concise Oxford Dictionary, "perpetual" means, inter alia, "applicable, valid, for ever or for indefinite time " wh
Forms of action: A minority of shareholders or an individual shareholder suing under one of the above exceptions may institute one of the following actions i) A personal ac
Avoidance of Floating Charges: Under s.314 liquidation automatically renders void any floating charge created within the period of 12 months before commencement of liquidation
how do i answer a problem question in law about the law of contract
The three regimes:- i. Right over Territorial Waters: The right over territorial waters extends up to 12 nautical miles (NM) from the baseline of a coastal state. Territorial w
Q. Impact on businesses of phoenix activity? In 1996 the Australian Securities Commission (ASC), published a report on phoenix activity titled Phoenix Activities and Insolvent
Length of Notice - Meetings and resolutions: S.133(1) provides that any provision of a company's articles shall be void in so far as it provides for the called of a meeting of
Domestic or Family Agreements - Elements of Contract However there is a rebuttable presumption such the parties did not intend for create legal relations as: 1. Agreements
Imagine yourself in a situation of being encouraged to inflate your expense account. Do you think your choice would be most affected by your individual moral development or by the
Public Company - Registration Procedures: Consent to act as director (Form No 209) If any person is appointed director of the company by the articles which are to be deli
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