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Offences Antecedent To Or In Course Of Winding Up

   Posted On :  14.05.2018 11:48 pm

Every past and present officer of a company which is being wound up must assist the liquidator and if he fails to do so he is liable to be punished.

Offences Antecedent To Or In Course Of Winding Up
 
 

Offences Of Officers:

 
 
Every past and present officer of a company which is being wound up must assist the liquidator and if he fails to do so he is liable to be punished. He is liable to be imprisoned up to 5 years, or fined or given both punishments.
 

Misfeasance Proceedings:

 
 
In the course of winding up a company it appears that any person who has been guilty of any misfeasance or breach of trust in relation to the company, the court may, examine into the conduct of the person, director, managing agent, secretaries and treasurers, manager, liquidator or officer aforesaid, and compel him to repay or restore the money or property or any part thereof respectively with interest at such rate as the court thinks just, or to contribute such sum to the assets of the company by way of compensation, notwithstanding that offence is one for which the offender may be criminally liable.

 

Tags : Business Environment and Law-Accounts, Audit And Prevention Of Oppression And Mis Management
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