Secretarial practice

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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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

230 SECRETARIAL PRACTICE Subject to Supervision. Powers of Liquidator. Voluntary. The jurisdiction of the Court to make an order for the winding up of a company extends, not only to companies as defined by s. 380, but also to unregistered companies as de- fined by s. 337 unless within the exception mentioned in 5s. 338 (1) (a). An order for winding up an unregistered company can, however, only be made on the occurrence of one or other of the events mentioned in s. 338 (1) (4). No un- registered company can be wound up voluntarily or subject to the supervision of the Court. Winding up, subject to the supervision of the Court, is brought about by order of the Court [s. 256], on petition presented when a voluntary winding up is already in progress, by one or more of the parties who may petition for a com- pulsory order (see above). The presentation of a petition for a winding up under supervision gives the Court the same jurisdiction over proceedings against the company as the pre- sentation of a petition for winding up by the Court [s. 257], and if an order is made s. 173 as to avoidance of dispositions of property and s. 174 as to avoidance of executions apply as if an order for winding up by the Court had been made [s. 258]. The date which was the commencement of the voluntary winding up which it supersedes (i.e. the date of the passing of the winding up resolution) is not altered, and becomes the date of the commencement of the winding up under super- vision. By the supervision order the Court may appoint liquidators either in substitution for or in addition to those already appointed by the company [s. 259]. The liquidator’s powers, unless restricted by the Court, are identical with those possessed by a liquidator in voluntary winding up, except that he cannot pay any class of creditors in full or make any compromise within s. 191 (1) (d), (e) or (f) without the sanction of the Court [s. 260 (1)]. By s. 260 (2) it is provided that an order for winding up under supervision is to be deemed a winding up by the Court except for the provisions of the Act set out in the ninth schedule thereto. In view, however, of s. 260 (1) the liquidation will proceed generally as in a voluntary winding up. The company will altimately be dissolved in the same way as in a voluntary winding up. Having regard to the practically unlimited powers of application to the Court under s. 252 of the Act, there is seldom any great advantage in obtaining a supervision order, and such orders are rare. Voluntary winding up and the position of the liquidators therein require much more detailed treatment. since the office

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