This essay is an attempt at looking at the steps to be taken to ensure a floating charge will be valid and the circumstances in which a floating charge will be enforceable. This will be done in relation to advice to be given to Bank ABC Limited‚ regarding the K 20‚ 000 lent to Bwalya Limited on the security of a floating charge over the whole of its assets. The essay will therefore‚ begin to look at the legal concepts related to the above facts which are debentures and floating charges‚ as well as
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Cortel August 14‚2013 Bctng2 8:00-10:00 Liquidation of a Partnership Explain the effects of the entries to record the liquidation of a partnership. Liquidation of a business involves selling the assets of the firm‚ paying liabilities‚ and distributing any remaining assets. Liquidation may result from the sale of the business by mutual agreement of the partners‚ from the death of a partner‚ or from bankruptcy. Partnership liquidation ends both the legal and economic life of the entity
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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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2005 Written by William W. Kannel and Adrienne K. Walker 1 Mintz‚ Levin‚ Cohn‚ Ferris‚ Glovsky and Popeo‚ P.C. | Boston Sales of debtors’ assets in bankruptcy proceedings are quite common‚ either as part of a plan of reorganization or liquidation or pursuant to Bankruptcy Code Section 363. The Bankruptcy Code and the Federal Rules of Bankruptcy Procedure provide that a sale of a debtor’s assets occurs after notice to all creditors and an opportunity for a hearing. In the case of a not for
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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 "liquidation". It generally means that all the assets of the company would be realized (sold off and converted to cash) through a legal process in order to repay its debts. Winding-up would bring a company to an end. A limited company is a company that is registered
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attorneys of the A Subsequently the bank appointed 2nd & 4th R as R&M of the appellant wanted to sell the lands without resorting to proceedings under NLC to obtain OFS – R&M applied to HC for a leave to sell lands Later on‚ A went into liquidation – R&M’s application for leave to sell lands opposed by liquidator HC allowed their application liquidator dissatisfied appealed Issue: whether R&M by virtue of powers conferred upon them by the debenture entitled to sell the charged
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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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commencement of the winding up‚ except so far as the liquidator thinks is necessary for the beneficial winding up of the company. In such an event‚ every invoice‚ order for goods or business letter issued by the company must have the words “in liquidation” added after the name of the company. The liquidator has no power to carry on business with a view to resuscitating the company or making profits. The liquidator shall carry on the business of the company principally to enable the business to
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create a debtor friendly rescue procedures (lexology.com‚2012) Liquidation – In UAE liquidation can be referred to trade
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Bankruptcy Relief * Chapter 7 provides for liquidation proceedings – the selling of all nonexempt assets and the distribution of the proceeds to the debtor’s creditors. * Chapter 11 governs reorganizations. * Chapters 12 and 13 provides for the adjustment of debts by parties with regular incomes such as family farmers and family fisherman under Chapter 12 and individuals under Chapter 13. Liquidation Proceedings Liquidation under Chapter 7 of the Bankruptcy Code is generally
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