Offences

Part 11 – Winding Up The offences in this part of the Act apply to all modes of winding up. Any reference to a “relevant person” is a reference to a person who was an officer of the company at the time of the doing of the act, or the making of the omission in…...

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The Insolvency Regulation

Part 11 – Winding Up The law in relation to the Insolvency Regulation has been transposed into the new Act with little change. The relevant sections of the new Act are Sections 710 to 714. With minor amendments, Sections 227B, 276A, and 313A of the 1963 Act are re-enacted. Also re-enacted is Regulation 11 of…...

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Completion of Winding Up

Part 11 – Winding Up There are six sections that relate to the completion of a winding up. They begin here (Section 704). If the liquidator believes that the affairs of the company have been completely wound up, he may apply to Court to have the company dissolved (Section 704). This section is new, but…...

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Meetings: General Rules

Part 11 – Winding Up There are fifteen sections in the “meetings” section. The salient points are as follows: In a Court winding-up, the Court can direct that notice of a meeting may be given by an advertisement, in which the purpose of the meeting need not be stated (Section 689). This is new. The…...

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Supplemental Provisions for Windings Up

Part 11 – Winding Up There are twelve sections in the “supplemental provisions” section in winding up. The salient points are as follows: A company being wound up must stop carrying on business, except to the extent that it must continue its business to aid a beneficial result in the winding up (Section 677). All the…...

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Court’s Powers

Part 11 – Winding Up The Court can annul or stay a winding up (Section 669). Whoever the applicant in that application was, he must give notice to the CRO that the Court made that order. This is new. Where the Court makes an order annulling or staying a winding up, it can make whatever…...

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Committee of Inspection

Part 11 – Winding Up This is a very small section of the Act. There is one new element: the liquidator in a court-ordered winding up may summon a meeting of the creditors to determine whether or not to appoint a committee of inspection (Section 666). In a creditors’ voluntary winding up, the creditors may…...

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