Winding up of Company Section 425 of the Companies Act‚ 1956‚ deals with the winding up of companies. Winding up of company is a legal procedure to dissolve the company and put an end to its life. The company ceases to be a ‘going concern’. The term winding up is defined as‚ ‘the process by which the life of a company is ended and its property is administered for the benefit of its members and creditors.’ During the process of winding up‚ the assets of the company are sold and all the debts
Premium Liquidation Asset Corporation
DEFINITION OF WINDING UP OF A COMPANY Winding up or liquidation of a company is the ending of a company’s life; its property administered for the benefit of its creditors and members. At the end of the winding-up‚ the company will be dissolved. There are two main types of winding up: compulsory‚ under and order of the court; and voluntary‚ under resolution of the company. VOLUNTARY WINDING UP In a voluntary winding-up‚ the members of the company have passed a resolution to wind-up the company
Premium Bankruptcy Liquidation Debt
Debenture - If a company borrows money‚ it will give its creditor a document confirming the existence and terms of the loan. This document is called a debenture. The execution of debentures & creation of charges over land by borrowers in favour of banks to secure banking facilities/loans is a common practice. Typically such debentures empower the banks to appoint receivers & managers to act on behalf of the borrowers to sell charged land by private treaty. (Teo & Khaw) Question: in
Premium Bond Law Liquidation
Meaning of Liquidation Liquidation or winding up is a legal term and refers to the procedure through which the affairs of a company are wound up by law. Winding up of a company has been defined in the companies Act‚ 1956 as “the process whereby its life is ended and its property is administered for the benefit of its creditors and its members. An Administrator called Liquidator‚ is appointed and he takes control of the company‚ collects its assets pays its debts and finally distributes any surplus
Premium Liquidation Bankruptcy
Table of Contents Page Overview2 Introduction3 Chapter 1: Liquidation of a GmbH4 5 Sources 6 Introduction In this term paper‚ I will explore which necessary steps an individual must take to liquidate a GmbH (Gesellschaft mit beschränkter Haftung) in Germany. I will do this considering both the practical and jurisdicial steps one must take‚ as well as elaborating what each step entails. Moreover‚ I will explain in detail how a GmbH is liquidated and which reasons there might
Premium Bankruptcy Corporation Liquidation
Winding up of Company: Winding up of a company is the process whereby its life is ended and its property administered for the benefit of its creditors and members. An administrator called a liquidator‚ is appointed and he takes control of the company‚ collects its debts and finally distributes any surplus among the members in accordance with their rights. Kind of Companies can be wound up: Only a limited company can be wound-up. The term "winding-up" (or "wound-up") bears a similar meaning of
Premium Asset Sole proprietorship Liquidation
The procedure for creditor’s voluntary winding up: i) A board meeting convene by the company’s directors to decide on the date of the EGM and creditor’s meeting. These meeting must be held within one month from the date of statutory declaration (Form 65A) ii) The directors make a statutory declaration of Form 65 (statutory declaration of inability of company to continue business and that meetings of the company and its creditors have been summoned) and lodged with the CCM. iii) The Company’s director
Premium Bankruptcy Liquidation Debt
The conviction of a Royal Marine for murdering an injured Afghan insurgent should not "besmirch" the organisation‚ Prime Minister David Cameron has said. Speaking to marines at Downing Street‚ Mr Cameron said the "appalling" case in no way represented the spirit and proud history of the Royal Marines. The sergeant‚ identified only as Marine A‚ was convicted over the shooting of the unknown man in 2011 on Friday.The conviction of a Royal Marine for murdering an injured Afghan insurgent should
Premium Royal Marines Marine United States Marine Corps
Wrongful dismissal isn’t an acceptable way to get rid of staff. Do you believe you were wrongfully dismissed from your recent job? If you think you were‚ consider the five signs below. 1. Contractual Obligations If you signed a contract with an employer‚ it likely includes a termination clause. This is an important clause to reread‚ not only if you think you’ve been wrongfully dismissed but because many of these clauses aren’t drafted properly. The clause has to abide by the province’s minimum standards
Premium Employment Termination of employment Management
The question of whether Australian law should recognise wrongful life as a compensable tort is not an easy question to answer. Both sides need to be taken into account for a decision to be made; there are many arguments both for and against the recognition of wrongful life becoming a compensable tort. Wrongful life is a form of medical negligence and has been defined as ‘an action brought by or on behalf of a child complaining of negligent conduct before birth which results in its birth when had
Premium Law Abortion Common law