Law - Winding Up

CHAPTER 10: WINDING UP  1. What is the definition of device up? -   There atomic number 18 dickens types of construction up: a.     commanding Winding Up It is a nothingness up by an monastic order of the move which is initiated by the presentation of a supplicant by a soulfulness who is entitled to do so. b.   Voluntary Winding A free winding up should commence where a probationary telephone receiver has been appointed before the resolution for voluntary winding up was passed and in whatsoever other case, at the duration of pettishness of the resolution for voluntary winding up. S255(6)    2. When can a party winding up by the court infra division 218? There are a few sight in which compevery may be irritate up by court.

  (1)      The court may order the winding up if: (MC DOS D) (a) The battle has by special resolution decided that it be wound up by the Court (b) The companion has defaulted in lodgement the statutory report or in retention the statutory meeting (c) The company does not commence business wrong a year from its incorporation or suspends its business for a whole year (d) The number of members is reduced below deuce  (e) The company is unable to conduct its debt (f)  The Directors have acted in their consume interests quite a than in the interests of the members as a whole, or in any other manner whatsoever which appears to be unfair or unjust to other member. 3.      What are two things that must be shown before the court postulate a winding up order on a quest? Two things to be shown before the court will make a windi! ng up order on a petition are: a.       That the petitioner had the right to present the petition b.      That one of the grounds peg down out in the Acts as justifying a winding up has been made out. 4.      When a company is considered as unable to pay its debt? A company is deemed to be unable to pay its debt if any one of the avocation circumstances is shown to exist: a.       The petitioner has delivered to the company at its registered office, a written...If you want to get a luxuriant essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper