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Following the 1880 repeal of Canadian insolvency law at the federal level, [2] the Parliament of Canada returned to the field in 1882, passing legislation "for the purpose of winding-up insolvent banks, and insolvent trading companies," known as An Act respecting Insolvent Banks, Insurance Companies, Loan Companies, Building Societies and Trading Corporations.
In most jurisdictions, a liquidator's powers are defined by statute. [3] Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by the court, by an extraordinary resolution (in a members' voluntary winding up) or the liquidation committee or a meeting of the company's creditors .In the United Kingdom, see sections 165-168 of the ...
The CCAA covers insolvent companies (together with their affiliates) with debts greater than $5 million. [30] The Winding-Up and Restructuring Act, in addition to its application to financial institutions, also offers a little-used alternative to the BIA for certain groups of insolvent companies. [31] [32]
Having wound-up the company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court.
The defendants, however, relied on the observation of Sir George Jessel MR in Niger Merchants Co. v. Capper, 18 Ch.D. 557, 559 that “Where a company is insolvent no doubt it is reasonable to wind *1095 up the company, even where the debt is disputed.” But this statement is tentatively phrased in an apparently unreserved judgment unreported ...
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
He said consumers can start by simply looking up the company they’re renting from. "Look them up online, and add along with their name terms like 'scam' or 'complaints' or 'review' and see what ...
Where during the course of a winding-up, it appears to the liquidator that fraudulent trading has occurred, the liquidator may apply to the court for an order any persons who were knowingly parties to the carrying on of such business are to be made liable to make such contributions (if any) to the company's assets as the court thinks proper.