EXPLAIN THE MODES OF LIQUIDATION
- 1 Answers
- 11878 Views
- I also Faced
- E-Mail Answers
Answer / naman
Under Companies Act, liquidation of a company facing
financial distress can be accomplished via two modes:
voluntary liquidation by creditors or involuntary
liquidation by court. In the first and the more efficient
case of voluntary liquidation, shareholders vote for
liquidation and hand over control of the liquidation process
to secured creditors, who then hire a private or an official
liquidator to oversee the asset sales and distribution of
proceeds. In the second case, a creditor with a minimal
amount of Rs. 500 of unpaid and undisputed debt, after
giving three weeks’ notice to the debtor, can petition the
court for involuntary liquidation, in which case, the court
will determine the validity of the claim and the
reasonableness of the petition before ordering liquidation.
However, the court’s actions are purely discretionary and
“the court may refuse to hold the company insolvent on other
considerations including that of public interest”
| Is This Answer Correct ? | 11 Yes | 4 No |
Fill in the blank Partnership act----------
I complete my online registration in BITM in 11 july 2016. zBut till now does not get any notification for placement,,,, when it call me for test.
i want to know about mimimum wages act with epf ,service tax, princle employer to contractor for contractor's labour -mention with notification no and date in which act, contractor vs central govt ,is principle employer responsible to pay mimimum wages with epf ,service tax and other taxes to contractor ? Reply
what is tds in Indian tax department ?
What were the consequences of 9/11 on law?
who was the fist man to reach the north pole
What are the experiences you had in the past that makes you certain that you are prepared to practice civil law?
An application for execution of a decree is filed with some delay ie beyond the prescribed period of limitation- (A) delay can be condoned by invoking section 5 of the Limitation Act (B) delay can be condoned under section 148 CPC (C) delay can be condoned under the inherent powers of the court under section 151 CPC (D) None of the above
among the tax revenue of the goverment of india ,the most important is a.income tax b.custom duty. c. corporation tax. d. union excise duty.
Whether forfeiture of shares is a part of capital or its a part of revenue?
who has to get license under central excise for Excise Duty on Branded Articles of jewellary,chapter sub heading 7113, classifiable in union budget 2011-12.
I have completed 4 years of service in railway now onwards i am pursuing LLB so i complete my LLB in next 3 years then my service duration will be 7 years , am i eligible for applying LAW ASSISTANT IN RAILWAY.
-
Law AllOther (806)
