Secretarial practice

Bibliographic data

Monograph

Identifikator:: 1828236004

URN:: urn:nbn:de:zbw-retromon-249926

Document type:: Monograph

Title:: Secretarial practice

Edition:: fourth edition

Place of publication:: Cambridge

Publisher:: W. Heffer & Sons Ltd

Year of publication:: 1930

Scope:: viii, 987 Seiten

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

CHAPTER XX WINDING UP CoMPANIES may be wound up by three distinct methods. The winding up may be (1) compulsory, i.e. by the Court; (2) subject to the supervision of the Court; (3) voluntary. Of these, by far the commonest is voluntary winding up, and it is proposed in this chapter to deal mainly with that method, only mentioning a few salient features of the others. Before proceeding to consider the law now in force on the subject, it should be mentioned that by s. 383 of the Act of 1929, the provisions of that Act do not apply to any liquida- tion which commenced before the 1st November, 1929. As regards such liquidations the provisions of the Act of 1908 and the Winding-up Rules, 1909, will remain in force. By the Court. Compulsory liquidation is brought about by order of the Court on petition, and is carried out under the direction of the Court, the sections of the Act exclusively applicable being ss. 163 to 224. The circumstances in which a com- pany may be wound up by the Court are enumerated in s. 168 of the Act as follows: — (i) If the company has by special resolution resolved that the company be wound up by the Court; (ii) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting; (iii) if the company does not commence its business within a year from its incorporation. or suspends its business for a whole year; {iv) if the number of members is reduced, in the case of a private company, below two, or, in the case of any other company, below seven; (v) if the company is unable to pay its debts; (vi) if the Court is of opinion that it is just and equitable that the company should be wound up. And s. 169 provides that a company shall be deemed to be unable to pay its debts— (i) If a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding fifty pounds then due, has served on the company, by leaving it 226

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