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

228 SECRETARIAL PRACTICE Compulsory Order. winding up superseded a voluntary winding up, e.g. if deben- tures had been issued three months before the passing of the resolution, but more than three months before the presentation of the petition. (See s. 212 of the Act of 1908.) If a compulsory winding up supersedes a voluntary winding up, all proceedings in the voluntary winding-up will be deemed to be valid, unless on proof of fraud or mistake, the Court directs otherwise [s. 175 (1)]. The liquidator, who is generally assisted and partly con- trolled by a committee of inspection, composed of creditors and contributories, takes the necessary steps to collect and realise the assets, to settle the lists of creditors and contri- butories (unless the Court dispenses with a list under s. 203), and to pay the debts, and then to adjust the rights of the contributories, distributing amongst them any surplus. Upon the completion of the winding up, he obtains his release from the Board of Trade [s. 197], and the Court makes an order for the dissolution of the company [s. 221]. The liquida- tor must report the making of the order to the Registrar within 14 days of its being made [s. 221 (2)]. An order for a compulsory winding up is nearly always made on the petition of a creditor when the company is insolvent, and a secretary of a company is unlikely to be appointed liquidator in the compulsory winding up thereof. [t is not, therefore, proposed to consider in any detail the other provisions of the Act applicable in a compulsory liquida- tion. Attention may, however, be called to the following points :— (x) If a petition is presented, the Court may, even before an order is made for winding up, stay any pending pro- ceedings [s. 172] or appoint a provisional liquidator 's. 184]; and after an order has been made or a pro- visional liquidator appointed no proceeding may be commenced or proceeded with except by leave of the Court [s. 177]. {f an order is made, any disposition of the property of the company or transfer of its shares after the com- mencement of the winding up (see p. 22% above), will be void unless the Court otherwise orders [s. 173], and any execution put into force against its assets after the same date will be altogether void [s. 174]. If an order is made or a provisional liquidator is appointed, the liquidator or provisional liquidator (if one is appointed) takes into custody or under his control all the company’s property [s. 18g], but the 2) (3)

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