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If it appeared to the liquidator in a voluntary winding up that any past or present director, manager or other officer of the company had been guilty of an offence in relation to the company for which he was criminally liable, section 77(2) required him to report the matter to the Director of Public Prosecutions.
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.
As Malins V.-C. said in Cadiz Waterworks Co. v. Barnett, (1874) L.R. 19 Eq. 182, 196 if the court “sees a petition to wind up presented, not for a bona fide purpose of winding up the company, but for some collateral and sinister object, on that ground it will be dismissed with costs.” There the purpose of winding up the company is treated ...
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 ...
A company which is insolvent may be put into liquidation (sometimes referred to as winding-up). The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator. However, the liquidation will not be effective legally ...
The Court of Appeal held the company could be wound up as just and equitable under the Companies (Consolidation) Act 1908 section 129 (now Insolvency Act 1986, section 122(1)(g)) as the only way to break the deadlock. Lord Cozens-Hardy MR said the following. [1]
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Under s. 33 of the Winding‑up Act, the liquidator takes all the company's property, effects and choses in action "into his custody or under his control"... [36] The liquidator is an officer of the court, appointed by the court to perform the functions prescribed by the Act and exercising his powers and performing his duties under the court's ...