DEFINITION OF WINDING UP OF A COMPANY Winding up or liquidation of a company is the ending of a company’s life; its property administered for the benefit of its creditors and members. At the end of the winding-up‚ the company will be dissolved. There are two main types of winding up: compulsory‚ under and order of the court; and voluntary‚ under resolution of the company. VOLUNTARY WINDING UP In a voluntary winding-up‚ the members of the company have passed a resolution to wind-up the company
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Debenture - If a company borrows money‚ it will give its creditor a document confirming the existence and terms of the loan. This document is called a debenture. The execution of debentures & creation of charges over land by borrowers in favour of banks to secure banking facilities/loans is a common practice. Typically such debentures empower the banks to appoint receivers & managers to act on behalf of the borrowers to sell charged land by private treaty. (Teo & Khaw) Question: in
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Meaning of Liquidation Liquidation or winding up is a legal term and refers to the procedure through which the affairs of a company are wound up by law. Winding up of a company has been defined in the companies Act‚ 1956 as “the process whereby its life is ended and its property is administered for the benefit of its creditors and its members. An Administrator called Liquidator‚ is appointed and he takes control of the company‚ collects its assets pays its debts and finally distributes any surplus
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Winding up of Company: Winding up of a company is the process whereby its life is ended and its property administered for the benefit of its creditors and members. An administrator called a liquidator‚ is appointed and he takes control of the company‚ collects its debts and finally distributes any surplus among the members in accordance with their rights. Kind of Companies can be wound up: Only a limited company can be wound-up. The term "winding-up" (or "wound-up") bears a similar meaning of
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The procedure for creditor’s voluntary winding up: i) A board meeting convene by the company’s directors to decide on the date of the EGM and creditor’s meeting. These meeting must be held within one month from the date of statutory declaration (Form 65A) ii) The directors make a statutory declaration of Form 65 (statutory declaration of inability of company to continue business and that meetings of the company and its creditors have been summoned) and lodged with the CCM. iii) The Company’s director
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Hong Kong Institute of Vocational Education Corporate Law and Practice (ACC4106) 2014-2015 Continuous Assessment Assignment Task: Company Law in Practice Understanding a listed company in Hong Kong Class: BA124001/2B Name: Chan Choi Nog (130257408) Chan Yin Ting () Chu Tsz Ting (130153619) Lai Ka Fai () Siu Lok Man (130240174) Q2 (a) Firstly‚ GLL can issue share to raise fund. The company can have private placing to issue share. It can negotiate with individuals who have prior approval
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Petrie’s Electronics Case‚ Chapter 5‚ Questions 1‚ 3‚ and 5. 1. What do you think are the sources of the information Jim and his team collected? How do you think they collected all of that information? Jim collected informations by having interviews inside the company with stakeholders. He also worked with the marketing department to get some information from loyal customers. Jim and his team gathered some information about the current system. 3. If you were looking for alternative approaches
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CASE: PETRIE’S ELECTRONICS Determining Systems Requirements Although the customer loyalty project at Petrie’s Electronics had gone slowly at first‚ the past few weeks had been fast paced and busy‚ Jim Watanabe‚ the project manager‚ thought to himself. He had spent much of his time planning and conducting interviews with key stakeholders inside the company. He had also worked with the marketing group to put together some focus groups made up of loyal customers‚ to get some ideas about what they
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many more automobiles in the world would be formidable. Even clean cars would have to generate large amounts of carbon dioxide as they burned fuel‚ thus significantly worsening the greenhouse effect. 3. If China were to increase its oil consumption‚ it would have to import all its oil from the same countries that other nations relied on. 4. If China were to become a major trading partner with Iran or Iraq‚ this would also create closer ties between this two major power center of the non-western
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|Name: |Date: | Graded Assignment The Game with No Name A friend of yours would like to capture the adventures of Lewis and Clark in a video game‚ but she needs your help. She wants the game to be awarded Top 10 Kudos like Super Mario‚ Rock Band‚ and SimCity. Read all the directions first and follow them carefully to get this new expedition rolling.
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