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 "liquidation". It generally means that all the assets of the company would be realized (sold off and converted to cash) through a legal process in order to repay its debts. Winding-up would bring a company to an end. A limited company is a company that is registered
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attorneys of the A Subsequently the bank appointed 2nd & 4th R as R&M of the appellant wanted to sell the lands without resorting to proceedings under NLC to obtain OFS – R&M applied to HC for a leave to sell lands Later on‚ A went into liquidation – R&M’s application for leave to sell lands opposed by liquidator HC allowed their application liquidator dissatisfied appealed Issue: whether R&M by virtue of powers conferred upon them by the debenture entitled to sell the charged
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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
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commencement of the winding up‚ except so far as the liquidator thinks is necessary for the beneficial winding up of the company. In such an event‚ every invoice‚ order for goods or business letter issued by the company must have the words “in liquidation” added after the name of the company. The liquidator has no power to carry on business with a view to resuscitating the company or making profits. The liquidator shall carry on the business of the company principally to enable the business to
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create a debtor friendly rescue procedures (lexology.com‚2012) Liquidation – In UAE liquidation can be referred to trade
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Bankruptcy Relief * Chapter 7 provides for liquidation proceedings – the selling of all nonexempt assets and the distribution of the proceeds to the debtor’s creditors. * Chapter 11 governs reorganizations. * Chapters 12 and 13 provides for the adjustment of debts by parties with regular incomes such as family farmers and family fisherman under Chapter 12 and individuals under Chapter 13. Liquidation Proceedings Liquidation under Chapter 7 of the Bankruptcy Code is generally
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steam engines‚ jute and jute products‚ slide rules‚ calculators and wooden toys are some products that have either disappeared or face decline. There are three types of retrenchment strategies – Turnaround Strategies‚ Divestment Strategies and Liquidation strategies. 1. Turnaround Strategies Turn around strategies derives their name from the action involved that is reversing a negative trend. There are certain conditions or indicators which point out that a turnaround is needed for an organization
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1. It is about corporate takeover and liquidation business and it is common practice in real business world‚ but why is it so problematic? What moral issues emerge in the movie? Answer: Yes‚ it is about corporate takeover. There is a corporate raider‚ Garfield Investment‚ who wants profit by buying the New England Wire and Cable’s stocks and selling it on higher price. They knew that the company is not making profit because of the lowest product demand which is competing with new technologies product
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Enterprise Bankruptcy Law of China December‚ 1st‚ 2013 Contents A. Introduction "PRC Enterprise Bankruptcy Law" by the Standing Committee of the Tenth National People ’s Congress of the PRC on the twenty-third meeting of 27 August 2006‚ adopted in order to regulate bankruptcy process‚ fairness clearing debts‚ protection the legitimate rights and interests of creditors and debtors‚ safeguard the socialist market economic order‚ so
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filing. Composition agreement- a written document defining all of the terms of repayment and signed by all the involved parties Creditors- are the entities to whom the debts are owed Debtor- is the entity that is bankrupt and owes the debt Liquidation-all debtor’s nonexempt assets are sold Reorganization- goal to satisfy debts while reserving the business Trustee- is an independent third party who liquidates the estate’s assets and distributes the dividends to the creditors. Discussion Questions
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