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Liquidators-Winding Up

   Posted On :  14.05.2018 11:52 pm

The official Liquidator attached to each High Court will become the liquidator on a winding up order being passed.

Liquidators
 

Compulsory Winding Up:

 
 
The official Liquidator attached to each High Court will become the liquidator on a winding up order being passed.

Powers Of Liquidator:

 
 
          institute or defend any suit, prosecution, or the legal proceeding in the name of the company, (ii) carry on the business of the company for its beneficial winding up, (iii) sell company’s property, (iv) raise money on the security of the company’s assets, and (v) do all other things necessary for the winding up.
 

Duties Of Liquidator:

 
 
Summon meetings of creditors or contributories get in the property and pay the debts and distribute the balance among contributories. Keep the proper books of account, minutes books, and allow inspection thereof. Keep all the funds of the company in “the public account of India” in the Reserve Bank of India.
 

Voluntary Liquidator:

 
 
The voluntary liquidator is appointed by resolution in general meeting of the company and or of the creditors and his remuneration fixed. A voluntary liquidator is a paid agent of the company and is liable in damages, if he neglects his duties as such.
 

Disclaimer By A Liquidator:

 
 
Section 535(1) empower the liquidator, with the leave of the court to disclaim any onerous property of the company.

 

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