Company Law - 103. page

Members’ voluntary winding-up–declaration of solvency: In respect of a members’ voluntary winding-up, two directors, where there are only two directors, and a majority of directors, where there are more than two, should […]

Types of voluntary winding-up: There are two types of voluntary winding-up, viz. Members’ voluntary winding-up and Creditors’ voluntary winding-up. Where the directors are in a position to make the statutory declaration of […]

Employees: A winding-up order by a Court operates as a notice of discharge to employees and officers of the company, except when the business of the company is continued [Section 445(3)]. A […]

Creditors: A company can never be declared insolvent, although it may have become insolvent in the sense that it is unable to pay its debts. Where a solvent company is being wound-up […]

Shareholders and contributories: A shareholder of a company is liable to pay the full amount on the shares held by him but nothing more. This liability continues even after winding-up, but for […]

Effects of voluntary winding-up: With the commencement of voluntary winding-up, the following situations arise (1) The company ceases to carry on its business except for the purposes of beneficial winding-up of such […]

Commencement of voluntary winding-up: Voluntary winding-up is deemed to have commenced at the time when the resolution for the voluntary winding-up is passed (Section 486). Even if the company is subsequently wound-up […]

Procedure for voluntary winding-up:  A company may be wound-up voluntarily under Section 484, according to the following procedures (a) By passing an ordinary resolution at a general meeting in any of […]

Introduction on Voluntary Winding Up : The object of a voluntary winding-up is to enable the members and creditors to settle their affairs among themselves without seeking assistance of the Court but they […]

Committee of Inspection : Either at the time of making an order of the winding- up of a company or at any time thereafter, the Court may direct that a Committee […]