Going Concern - Law Dictionary Search Results
Home Dictionary Name: going concerngoing concern
going concern : a business that is in operation ...
going concern value
going concern value : the value of the assets of an enterprise or of the enterprise itself considered as an operating business and therefore based on earning power and prospects rather than on the value of the same assets or the same business in the event of liquidation ...
Floating security
Floating security, in an equitable charge on the assets for the time being of a going concern. If attaches to the subject charged in the varying condition in which it happens to be from time to time. It is of the essence of such a charge that it remains dormant unit the undertaking charged ceases to be a going concern, or unit the undertaking charged cases to be a going concern, or until the person in whose favour the charge is created intervenes, Governments Stock and other Securities Investment Co. Ltd. v. Manila Railway Co. Ltd., (1897) AC 81....
Undertaking
Undertaking, denotes 'any business or any work or project which one engages in or attempts as an enterprise analogous to business or trade, Secretary Madras Gymkhana Club Employees Union v. Manage-ment of Gymkhana Club, AIR 1968 SC 554: (1968) 2 SCJ 138: (1968) 1 SCA 379: (1967) 2 SCWR 618: (1967) 2 Lab LJ 720: 33 FJR 157: (1968) Lab JC 547: (1968) 2 Andh WR (SC) 6: (1968) 2 Mad LJ (SC) 6: 15 Fac LR 411: 16 Law Rep 140.Undertaking, denotes, with reference to company law, all the assets of the company past present and future, and is a mortgageable interest being commonly charged by the debentures of the company. 'Undertaking' means a unit, such as a factory or a granary, Industrial Disputes Tribunal (in re:), (1956) 3 All ER 111.Undertaking, in a compromise decree does not mean a promise to a court. It is merely a solemn promise by one party to the other when it appears in an agreement between the two, Nisha Kant Roy v. Sandji Bashnai, Goho, AIR 1948 Cal 294: 49 Cr LJ 567.Undertaking, i...
Floating charge
Floating charge. This term is not a legal term, but it is well understood and is used in Acts of Parliament, e.g., the (English) Finance Act, 1915, s. 27, and may be said to denote a security which is an equitable charge on the assets for the time being of a going concern. It allows of the business being carried on and the property comprised in it being dealt with in the ordinary course of business, until the undertaking charged ceases to be a going concern, or until the creditor in some way or other intervenes, See Government Stock, etc., Co. v. Manila Ry. Co., 1897 AC 86, per Lord Macnaghten.The charge becomes fixed and enforceable by the charges as soon as the company goes into liquidation, even for the purpose of reconstruction [Crompton & Co., 1914, 1 Ch 954]. Under the (English) Companies Act, 1929, s. 88, all floating charges must be registered in the Register of Charges.The subsidiary shares, rather than circulating in the ordinary course of the claimant's business, are part of...
Property
Property, an actionable claim against the tenants is undoubtedly a species of property which is assignable, State of Bihar v. Kameshwar Singh, AIR 1952 SC 252.Comprises every form of tangible property, even intangible, including debts and chooses in action such as unpaid accumulation of wages, pension, cash grants, and constitutionally protected privy purse, See M.M. Pathak v. Union of India, AIR 1978 SC 802.Decree is to be treated as property, Associated Hotels of India v. Jodha Mal Kuthiala, AIR 1950 Punj 201.Every movable property is included in the ordinary connotation of the word 'property', Chunni Lal v. State, AIR 1968 Raj 70.In commercial law this may carry its ordinary meaning of the subject-matter of ownership. But elsewhere, as in the sale of goods it may be used as a synonym for ownership and lesser rights in goods, Dictionary of Commercial Law by A.H. Hudson, (1983, Edn.).In Entry 42, List III (Constitution of India) includes the power to legislate for acquisition of an un...
fund
fund 1 : a sum of money or other resources whose principal or interest is set aside for a specific objective cli·ent security fund : a fund established by each state to compensate clients for losses suffered due to their attorneys' misappropriation of funds common trust fund : an in-house trust fund established by a bank trust department to pool the assets of many small trusts for greater diversification in investing executor fund : a fund established in estate planning to provide for the payment of final expenses by an executor joint wel·fare fund : a fund that is established by collective bargaining to provide health and welfare benefits to employees and that is jointly administered by representatives of labor and management paid-in fund : a reserve cash fund in lieu of a capital stock account set up by mutual insurance companies to cover unforeseen losses sink·ing fund : a fund set up and accumulated by regular deposits for paying off the principal on a debt...
Successor-in-interest
Successor-in-interest, 'successor-in-interest' the relevant facts to be taken into account in determining this question was explained by Gajendragadkar, J. in the following words: Did the purchaser purchase the whole of the business? Was the business purchased a going concern at the time of the sale transaction? Is the business purchased carried on at the same place as before? Is the business carried on without a substantial break in time? Is the business carried on by the purchaser the same or similar to the business in the hands of the vendor? If there has been break in the continuity of the business, what is the nature of the break and what were the reasons responsible for it? What is the length of the break? Has goodwill been purchased? Is the purchase only of some parts and the purchaser having purchased the said parts purchased some other new parts and started a business of his own which is not the same as the old business but is similar to it? These and all other relevant factor...
Commercial concern
Commercial concern, means a public limited com-pany or a cooperative society or a firm or any other person or body of persons engaged in trade or commerce, and includes-(i) a concern engaged in banking or insurance;(ii) a financial corporation;(iii) a concern engaged in shipping and navigation;(iv) a concern engaged in the business of brokers dealing in shares, stocks and securities and commodities;(v) a concern engaged in the business of advertising consultants;(vi) a light railway;(vii) a concern engaged in road transport service;(viii) a concern engaged in air transport service;(ix) a rubber, tea, coffee or cinchona plantation;(x) a concern engaged in the business of forwarding and clearing agents;(xi) any other concern which, in the opinion of the Central Government, is a commercial concern and is declared to be such by that Government by notification in the Official Gazette, but does not include an industrial concern. [Collection of Statistics Act, 1953 (32 of 1953), s. 2(b)]...
Go slow
Go slow, Go-slow which is a picturesque description of deliberate delaying of production by workman pretending to be engaged in the factory is one of the most pernicious practices that discontented or disgruntled workmen some time resort to. It would not be far wrong to call this dishonest. For, while thus delaying production and thereby reducing the output the workmen claim to have remained employed and thus to be entitled to full wages. Apart from this also, 'go-slow' is likely to be much more harmful than total cessation of work by strike. For, while during a strike much of the machinery can be fully turned off, during the 'go-slow' the machinery is kept going on a reduced speed which is often extremely damaging to machinery parts. For all these reasons 'go-slow' has always been considered a serious type of misconduct, Bharat Sugar Mills Ltd. v. Jai Singh, (1962) 3 SCR 684: (1967) 2 LLJ 644....
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