Compulsory Liquidation Remedies 1. Introduction * Deficiency of current law: (1) despite introduction of statutory derivative action‚ formulation is unclear and scope is uncertain (2) focus on single act/transaction rather than whole picture/pattern/period (3) remedies are directed to particular transaction and confined to restraint of conduct‚ Recovery of property or ordering of financial compensation * Statutory remedies fall into 2 categories a. Compulsory liquidation remedies courts
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business ventures. Bankruptcy is a federal program‚ which offers an individual or business entity alleviation from all debts obtained‚ both secured and unsecured. A bankruptcy filing offers relief to those in debt‚ through either liquidation or restructuring. Liquidation refers to the selling of the underlying debtor’s assets. When these assets are sold the proceeds are used to fulfill their debt obligations. The laws and regulations which govern bankruptcy are distributed and overheard at the
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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
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1. Meaning of Winding up or liquidation The winding up or liquidation of a company means the termination of the company by stopping its business‚ collecting its assets and distributing creditors and shareholders‚ in the manner laid down in the Act. 2. Mode Of Winding Up According to section 234‚ the winding up of a company)‚ may be done in any three ways: one of the following (I) Compulsory winding up by the Court (ii) Voluntary winding up b)‚ the members or by creditors (iii) Voluntary
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Discuss the various grounds upon which the Court can order that a company be wound up compulsorily. B.H McPherson defines winding-up as a process whereby the assets of a company are collected and realised‚ the resulting proceeds are applied in discharging all its debts and liabilities‚ and any balance which remained after paying the cost and expense of winding-up is distributed among the members according to their rights and interests or otherwise dealt with as the constitution of the company
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DISSOLUTION AND WINDING UP DISSOLUTION - change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business; partnership is not terminated but continues until the winding up of partnership affairs is completed WINDING UP - process of settling the business or partnership affairs after dissolution CAUSES OF DISSOLUTION: 1. Without violation of the agreement between the partners a. By termination of the definite term/ particular undertaking
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LAW (PARTNERSHIP AND CORPORATION) GAMMAD‚ MARY JANE M. (Art. 1833-1836) ARTICLE 1833 Where the dissolution is caused bythe act‚ death or insolvency of partner‚ eachpartner is liable to his co-partners for his share of any liability created by any partner acting for thepartnership as if the partnership had not beendissolved unless: 1.)The dissolution being the act of anypartner‚ the partner acting for thepartnership had knowledge of thedissolution; or 2.)The dissolution being by the death orinsolvency
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Art. 1817. Any stipulation against the liability laid down in the preceding article shall be void‚ except as among the partners. Stipulation eliminating liability. If there is a stipulation exempting any of the partners from liability to third persons‚ such stipulation is void as to third person but valid among the partners. Art. 1818. Every partner is an agent of the partnership for the purpose of its business‚ and the act of every partner‚ including the execution in the partnership name of
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of winding up. The Official Liquidator has paid them till the date of the appointment of Provisional Liquidator‚ taking that as the relevant date. Since this view taken by the Official Liquidator affects large number of workmen of the Mill under liquidation. o M/s. Swadeshi Mills Co. Ltd. was one of the leading Mills in Mumbai. The Company‚ when it was in operation‚ had approximately 2970 employees. The Company had substantial immovable assets. o The
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Legal Environment of Business in Bangladesh Legal Environment of Business in Bangladesh 1 Legal Environment of Business in Bangladesh A Report On “Legal Environment of Business in Bangladesh” Course Title Legal Environment of Business Course Code LAW-234 Submitted to Abeer Khandker Lecturer Faculty of Business Administration ASA University Bangladesh Submitted by Name ID Hosnain Ahmed 092-12-0002 Riyadh Ahmed 092-12-0003 Mahmudul Hassan 092-12-0006 Tasmia Kamal 092-12-0017 Nafisa
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