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

WINDING UP 2313 the Official Receiver will never be liquidator in a voluntary winding up, and ss. 216 and 217 because the Official Receiver does not report to the Court in a voluntary winding up. The practice rules as to voluntary winding up are to be Practice. found in the Companies (Winding-up) Rules, 1929, but a detailed examination of these rules is beyond the scope of this work, and a liquidator would always be well advised to consult a solicitor before making any application to the Court. Certain of the rules, however, affect liquidators in matters other than applications to the Court, and such rules are dealt with hereafter. Rule 1 in effect provides that the Rules are to be applicable to every form of winding up, unless, from their nature or subject matter, or by the headlines above the group in which they are contained, or by their terms, they are or are made applicable only to a particular form or parti- cular forms of winding up. There is thus no serious difficulty in discovering what rules are and what are not appropriate. The more important rules affecting a liquidator in a voluntary fiquidation are set out in Appendix K. Before considering further any of the sections of the Act which are of general application, it will be convenient to refer to the sections which are applicable only in a voluntary winding up. The first point to be observed is that the com- mencement of a voluntary winding up is the time of the passing of the resolution for winding up [s. 227]. This date is of great importance, e.g. as to the liability of past members s. 157], as to matters of fraudulent preference {s. 265!, and as to the validity of floating charges [s. 266]. On the com- mencement of the winding up the company must cease to trade, except for the purpose of beneficial winding up [s. 228], and no transfer or other alteration in the status of a member can thereafter be made without the sanction of the liquidator 's. 229]. None the less—and it is important to remember this point—the corporate existence of the company and its corporate powers continue until its dissolution, notwith- standing anything in its Articles [s. 228]. A resolution for voluntary winding up may in some cases operate as a dismissal of the company’s servants, but whether or not it has this effect depends on the fact™ “= eorh = lar case [Reigate v. Union Manufactur 592; and see Midland Counties 2 r Ch. 357]. The resolution for voluntary winding up must be advertised Advertise- in the London Gazette within seven days after the passing ment. thereof, and in the event of default in doing so. the companv Commence- ment and Effect of Voluntary Winding-up.

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