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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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XX. Winding up

Collection:: Economics Books

WINDING UP 245 a creditors’ voluntary winding up the liquidator shall keep such books as the committee of inspection or if there is no such committee as the creditors direct and that all books kept by the liquidator shall be submitted to the committee or the creditors with any other books, documents, papers and accounts in his possession, relating to his office as liquidator or to the company as and when the committee or the creditors direct. Moreover, under s. 284, if the winding up is not con- cluded within one year, the liquidator must send to the Registrar at the prescribed intervals a statement in the pre- scribed form containing the prescribed particulars with respect to the proceedings in and position of the liquidation as to intervals, forms and particulars [see Rule 194 of the Companies ‘Winding up) Rules, 1929]. It is, therefore, perfectly obvious that a liquidator cannot comply with this section or adequately perform his other duties without keeping accounts. Further it may here be observed that when the winding up is complete and he summons the final meeting of the company, and, if the winding up is a creditors’ winding up, of the creditors, it 1s his duty to lay before the meeting or meetings an account ‘showing how the winding up has been conducted, and the property of the company disposed of’ (ss. 236, 245). This he could not satisfactorily do without having kept thorough and systematic accounts throughout the liquidation. It is also desirable for the liquidator, in order that he may be able to give an account of his stewardship, to keep the Record Book which is prescribed by Rule 169 of 1929 in the case of compulsory winding up. In this he will enter notes of all his transactions in conducting the winding up. The book may conveniently take the form of a diary. In realising the assets the liquidator should act with all convenient speed, remembering that the longer the liquida- tion is protracted, the greater is the expense of the mere administration likely to be. However, in the case of a trading company with outstanding trade contracts, it will frequently be of advantage to the assets to carry out the con- tracts and receive the agreed payments for them. This will be carrying on the business so far as may be necessary for the beneficial winding up of the company. And in all cases where, for whatever reason, the liquidator considers it desirable to carry on the business of the company for any- thing more than a very short time, it is advisable for applica- tion to be made to the Court, under s. 252, for liberty to do so, or at all events for the sanction of the committee of inspection, if one has been appointed, to be obtained. The Court, in granting leave to carry on the business, usually imposes a Carrying ob Business.

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