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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

WINDING UP 237 below two in number, it cannot function. Rule 159 of the Winding-up Rules of 1929, forbids a purchase of any of the company’s assets by or on behalf of a member of the committee without leave of the Court, and Rule 161 forbids a member of the committee directly or indirectly to make any profit out of his office, except under the Court’s sanction. If several liquidators are appointed, the powers conferred on a liquidator by s. 248 may be exercised by such one or more of them as may be determined at the time of their appointment or in default of such determination by any number not less than two [s. 248 (3)1. The remuneration of a liquidator in a members’ voluntary winding up may be fixed by the company in general meeting either when the liquidator is appointed or subsequently (s. 232 (1)]; in a creditors’ voluntary winding up the committee of inspection, or if there be none, the creditors may fix the remuneration [s. 241 (1)]. In either case the Court can be asked to fix the remuneration under the joint effect of ss. 252 and 188 (2), e.g. where the creditors think the committee have allowed too much. The remuneration may be a lump sum, or a percentage on the assets, or may be at the rate of so much per day or per hour spent exclusively on the liquidation; or other methods of remuneration may be adopted. It is generally inadvisable to fix the liquidator’s remuneration at the time of his appointment, as the amount of work involved cannot be known: but this objection does not apply so strongly in the case of a members’ voluntary liquidation for the purpose of reconstruction where the work involved can be fairly estimated and the liquidator will probably be an officer of the old company and become an officer of the new company and will often be remunerated by the payment of a moderate lump sum. If application is made to the Court, it will in general adopt the scale applicable to trustees in bankruptcy [Carton (1923), 39 T.L.R. 194]. In some cases under the Act of 1908, the Court has increased the remuneration allowed by the company. A course sometimes adopted is for the liquidator to take what he considers reasonable remuneration, and then, when his final accounts are passed at the final meeting (see below), that sum, if approved, is by the vote of the company appropriated to him. Rule 158 forbids a liquidator to accept any gift, remuneration, consideration or benefit from any solicitor, auctioneer or any other person connected with the company or employed in connection with the winding up, beyond the remuneration to which he is entitled, or to make any arrangement for giving up anv of his Joint Liquidators. Remunera- tion of a Liquidator.

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