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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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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Table of Contents Page Overview2 Introduction3 Chapter 1: Liquidation of a GmbH4 5 Sources 6 Introduction In this term paper‚ I will explore which necessary steps an individual must take to liquidate a GmbH (Gesellschaft mit beschränkter Haftung) in Germany. I will do this considering both the practical and jurisdicial steps one must take‚ as well as elaborating what each step entails. Moreover‚ I will explain in detail how a GmbH is liquidated and which reasons there might
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In medieval times‚ punishment was often as brutal as the crimes. The executioners would do bad things to the sinners‚ such as a method called breaking with the wheel‚ the head crusher‚ or even the guillotine. The sinners would sometimes get hung. The rope that went around the sinners’ neck was called the noose. They hung sinners in gallows. They also used a hanging cage. They also made sinners sit in spiked chairs. The Iron Maiden was an example of one of these. Pressing was one of the
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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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Response Structure Karrie Colin AJS/562 January 28‚ 2013 George Wilson Response Structure Creating an emergency response plan is very important in any business. There are different plans for medical‚ fire‚ police‚ and school. The following plans are imperative in any environment. There are many things that will happen and Incident Command System (ICS) will help to provide the responders with an effective system that works. But before we go into the structures‚ an understanding of an incident
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Mentally Ill Executions "An eye for an eye‚ and a tooth for a tooth" is the philosophy many people use when it comes to the punishment of criminals. The death penalty has been debated for many years as it has come into and then fallen out of favor for the American public. Today the death penalty by lethal injection has been put on hold on a couple of states. The legality of the "cruel and unusual punishment" is being heatedly debated. The death penalty is especially volatile when it comes to
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Project Execution Plan Purpose: The PEP is the core document for the management of a project. It is a statement of policies and procedures defined by the project director‚ although usually developed by the project manager for the project sponsor/project director’s approval. It sets out in a structured format the project scope‚ objectives and relative priorities. For non-construction projects see Project plan. Fitness for purpose: Does the PEP: Include plans‚ procedures and control processes for
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Computer-integrated manufacturing (CIM) is the manufacturing approach of using computers to control the entire production process.[1][2] This integration allows individual processes to exchange information with each other and initiate actions. Through the integration of computers‚ manufacturing can be faster and less error-prone‚ although the main advantage is the ability to create automated manufacturing processes Before we discuss what an MES is and does‚ we need a brief history lesson on the
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