Responses on Company Liquidation - Reforms and Restatement of ...
Liquidation of company
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Transcript of Liquidation of company
LIQUIDATION OF COMPANY
Prepared by –Vijay Somase
Under The Guidance Of-Mahale .S. Sir
LIQUIDATION
COMPULSORY WINDING UP
VOLUNTARY WINDING UP
WINDING UP SUBJECT TO SUPERVISION OF COURT
MODES OF WINDING UP
COMPULSORY WINDING UP Passing of special resolution for the winding up
Holding statutory meeting
Failure to commence business
Reduction in membership
Inability to pay debts
VOLUNTARY WINDING UP Ordinary
resolution Special
resolution
Members voluntary
winding up
Creditors voluntary
winding up
MEMBERS VOLUNTARY WINDING UP • Falling of special resolution
• Appointment of liquidator
• End of right of directors
• General meeting every year
• Final meeting
CREDITORS VOLUNTARY WINDING UP Meeting of creditors
Appointment of liquidator
Inspection committee
Meeting of members and creditors
Final meeting
WINDING UP SUBJECT TO SUPERVISION OF COURT
Fraud in company
Harmful product of company
Inability to pay debts & etc
PRIORITY OR ORDER OF PAYMENT
1.Legal charges
2.Liquidators remuneration
3.Liquidation expenses
4.Preferential creditors
5.Debentures holders
6.Unsecured creditors
7.Preference shareholders
8.Equity shareholders
THANK YOU