CHAPTER 10
VOLUNTARY LIQUIDATION OF COMPANY
(1) Expect in the case where a company has become insolvent in accordance with the prevailing law on insolvency, the shareholders of the company may liquidate the company either by adopting a special resolution in the general meeting or memorandum of association, articles ….Read More….
(1) While adopting a resolution to liquidate a company pursuant to Section 126, the company shall appoint a liquidator.
(2) While appointing a liquidator pursuant to Sub-section (1), a practitioner licensed under the prevailing law on insolvency shall be appointed as liquidator to conduct the liquidation ….Read More….
While liquidating a company under this Chapter, the issue of whether any person is a creditor of a company in liquidation shall be determined in accordance with the prevailing law on insolvency.
If, after the liquidator has commenced proceedings of liquidation of accompanying under this Chapter, he/she is satisfied that the company is insolvent and is not able to pay debts required to be paid or discharge liabilities required to be discharged in full he/she ….Read More….
After a liquidator has commenced his act, the liquidator shall take into his/her custody and under his/her control all property, accounts and all records and documents of the company.
(1) The liquidator appointed under this Act shall, mutatis mutandis, exercise and perform all the powers and duties which may be exercised and performed by liquidators under the prevailing law on insolvency.
(2) It shall be the duty of the liquidator to do the following acts, without prejudice to the ….Read More….
(1) Upon receipt by the Office of a report on the liquidation of a company pursuant to Clause (f) of Sub-section (2) of Section 131, the Office shall strike the name of the company off the company register and issue an order that the registration of the company has been ….Read More….
If any creditor or shareholder of a company thinks that there is any irregularity in respect of any act or action of the liquidator, while liquidating the company pursuant to this Chapter, such creditor ….Read More….
If a liquidator thinks that any director, employee or shareholder of a company has committed a fraud or deception against the company, the liquidator may take necessary legal action against such person in accordance with the prevailing law.
The commencement of liquidation proceedings of a company pursuant to this Chapter shall not be deemed to prejudice in any manner the right of the secured creditors who have lent money against the security of any property of the company to enforce or otherwise ….Read More….
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