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Winding up seminar
- 1. Winding Up Presented by Brija Kumari S 108
- 2. Winding Up Meaning Winding up of a company is the process where by its life is ended and its property administered for the benefit of its creditors and members.
- 3. Mode of the winding up Winding up by the Tribunal Voluntary winding up • Member voluntary winding up • Creditor voluntary winding up
- 4. Winding up by the Tribunal Company may be wound up by an order of the tribunal. This is called compulsory winding up.
- 5. Grounds for the compulsory winding up Special resolution of the company Default in holding statutory meeting Failure to commence business Reduction of members below minimum Inability to pay debts
- 6. Voluntary Winding up Winding up by the members or creditors of a company without interface by the tribunal.
- 7. A company may be wind up voluntary By passing an ordinary resolution By passing special resolution
- 8. Voluntary winding up may be Member voluntary winding up Creditors voluntary winding up
- 9. Member voluntary winding up Member voluntary winding up takes place only when the company is solvent . Its initiated by the members and is entirely managed by them.
- 10. Rules Regarding Members Voluntary Winding Up Appointment of liquidator Boards power to cease on appointment of liquidator Power to fill vacancy in the office of liquidator Notice of appointment of liquidator to registrar Duty to call creditors meeting Duty to call general meeting at the end of each year Final meeting and dissolution Showing how the property has been disposed, Send a copy of account to the registrar
- 11. Creditor voluntary winding up Where the company proposes to wind up voluntary and the director are not in a position to make the statutory declaration of solvency ,the winding up is a creditors voluntary winding up.
- 12. Rule Regarding creditors voluntary winding up Meeting of creditors Notice of resolution to be given to registrar Appointment of liquidator Appointment of committee of inspection Liquidator remuneration Vacancy in office of liquidator Final meeting and dissolution
- 13. Difference between members voluntary winding up and creditors voluntary winding up Members voluntary winding up There is no committee There is no meeting of creditors meeting in members voluntary winding up Liquidator appointed by the company in the general meeting Power can be exercised by the liquidator with the sanction of special resolution passed at the Creditor voluntary winding up May appoint a committee Meeting of contributor and there will be corresponding meeting of the creditors also Both the member ad creditor nominate the liquidator. Power can exercised with the sanction of the tribunals or committee of inspection or meeting of creditors.
- 14. Reference Business Law( Biju P.Mani LL.M)
Notas do Editor
- winding up. N. Concluding the affairs of a corporation or partnershipthat is being liquidated, including paying off debts and distributingthe remaining assets.
- Tribunal=committee,board,court…………………….
- Tribunal=committee,board,court…
- In business or commercial law, an extraordinary resolution or special resolution is a resolution passed by the shareholders of a company by a greater majority than is required to pass an ordinary resolution (decision ,declaration).neglectedGrounds=funamental or baasic.Special resolutions: A special resolution requires a qualified majority of 75% of shareholder votes to be passed. Again, voting can be by a show of hands or, where demanded, by poll.
- an ordinary resolution is a resolution passed by the shareholders of a company by a simple or bare majority (for example more than 50% of the vote) either at a convened meeting of shareholders or by circulating a resolution for signature. A special resolution by comparison requires a greater vote threshold, which varies in different jurisdictions.An ordinary resolution is the most common method by which a corporate entity conducts its business or the Board of directors seeks shareholder approval of its actions.Ordinary resolutions: An ordinary resolution requires a bare majority (i.e. anything over 50%) of shareholder votes to be passed.Special resolutions: A special resolution requires a qualified majority of 75% of shareholder votes to be passed. Again, voting can be by a show of hands or, where demanded, by poll.
- solvent. ADJ. Able to pay debts; having enough money to coverone’s expenses. N. solvency. See also insolvent.
- Remuneration = fee ,salary,compensation,payment.Cease=stop,finish,end,come to an endLay=leave,put.
- A statutory declaration allows a person to make a legal declaration under oath and in the presence of a lawyer. They are commonly used when an individual needs to satisfy a legal requirement by affirming the truth of something.Creditor voluntary winding upIn a creditors' winding up the company is obliged to summon a meeting of the creditors. The creditors must receive at least ten days notice and their meeting must be held on the same day or the day after the meeting of the members at which the resolution for voluntary winding up is to be proposed.
- Cease=come to an end,finish.