Official Liquidators - Law Dictionary Search Results
Home Dictionary Name: official liquidatorsOfficial liquidators
Official liquidators, officers appointed to conduct the proceedings and to assist the court in winding up a joint-stock company, (English) Companies Act, 1862, s. 92. See now (English) Companies Act, 1929, s. 185, replacing the (English) Companies (Consolidation) Act, 1908, ss. 149 et seq., where they are styled 'liquidators....
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
Liquidator
Liquidator. A person appointed to conduct the winding-up of a company under the (English) Companies Act, 1929. Liquidators are of three kinds:--(1) Appointed by the court in a winding-up by the Court. pending appointment the Official Receiver in Bankruptcy is to act as Official Receiver and Liquidator in the winding-up (s. 185). By s. 186, in England, liquidators other than the Official Receiver must provide security to the satisfaction of the Board of Trade. His duties comprise the collection of the company's property, and this property or any part of it may vest in him on his application. He may bring or defend actions relating to that property in his own official name (s. 190). Powers which he may exercise subject to the sanction of the court or a Committee of Inspection are setout in s. 191(1); sub-s. (2) of that section gives a list of powers for which such sanction is not required. The duties of a liquidator are to collect, administer, and distribute the assets, having regard to ...
Official receivers
Official receivers, officers appointed by the Board of Trade under s. 66 of the (English) Bankruptcy Act, 1883, to act as interim receivers and managers of bankrupts' estates, pending the appointment of trustees in bankruptcy: see now Bankruptcy Act, 1914, ss. 70 et seq. The report of an official receiver is absolutely privileged, Bottomley v. Brougham, (1908) 1 KB 584; Burr v. Smith, (1909) 2 KB 306. As to the official receiver becoming provisional liquidator on the making of a winding-uporder, see Companies Act, 1929, s. 185, and LIQUIDATOR...
Spirituous liquor
Spirituous liquor, means any fermented liquor, any wine, or any alcoholic liquid obtained by distilla-tion or the sap of any kind of palm tree, and includes any other liquid containing alcohol which the Central Government may, by notification in the Official Gazette, declare to be a spirituous liquor for the purposes of this Act. [Cantonments Act, 1924 (2 of 1924), s. 2(xxxvi)]...
Intoxicating drug
Intoxicating drug, means, opium, ganja, bhang, charas and any preparation or admixture thereof, and includes any other intoxicating substance, or liquid which the Central Government may, by notification in the Official Gazette, declare to be an intoxicating drug for purposes of this Act. [Canton-ments Act, 1924 (2 of 1924), s. 2 (xix)]...
Supreme Court of Judicature
Supreme Court of Judicature. By Judicature Act, 1925, s. 1, there shall be a Supreme Court of Judicature in England consisting of His Majesty's High Court of Justice (referred to as the High Court), and His Majesty's Court of Appeal (referred to as the Court of Appeal).Formerly, by the (English) Supreme Court of Judicature Act, 1873, ss. 3 and 4 (amended by (English) Jud. Act, 1875, s. 9), it was enacted that from the commencement of that Act (November 1, 1875: see Judicature Act, 1875, s. 2) the court of Chancery of England, the Court of Queen's Bench, the Court of Common Pleas at Westminster, the Court of Exchequer, the High Court of Admiralty, the Court of Probate, and the Court for Divorce and Matrimonial Causes, should be united and consolidated together, and should constitute one Supreme Court of Judicature in England; the said Supreme Court to consist of two permanent Divisions, being 'Her (now His) Majesty's High Court of Justice' and 'Her (now His) Majesty's Court of Appeal.'S...
Penalty
Penalty, is a liability under the taxing statute, Khemka & Co. v. State of Maharashtra, AIR 1975 SC 1549.Penalty, is legal or official punishment such as a term of imprisonment, N.K. Jain v. C.K. Shah, AIR 1991 SC 1289. [Employees' Provident Fund Act, 1952, s. 14]Means recovery of an amount as a penal measure in civil proceedings, or an exaction which is not compensatory in character, Jagjit Cotton Textile Mills v. Chief Commercial Superintendent, N.R., (1998) 5 SCC 126.1. A sum agreed to be paid on non-performance of the condition of a bond. See BOND.2. A sum agreed to be paid on breach of an agreement or any stipulation of it. See LIQUIDATED DAMAGES, and NOMINE PEN'. The fact that the parties state expressly in their contract that the sum named is 'liquidated damages' will not prevent the Court from deciding that it is a penalty. 'The cases upon the subject of penalty or liquidated damages are very numerous. The result of them seems to be this, that what the Courts look at is the rea...
Falsification
Falsification.1. Pedigree.--For a vendor or mortgagor or other person disposing of property or any interest therein for money or money's worth to a purchaser of land or chattels real or personal, or for his solicitor or other agent to conceal from the purchaser any instrument or incumbrance material to the title or to falsify any pedigree upon which the title may depend, in order to induce a purchaser or mortgagee or his solicitor to accept the title offered, is a misdemeanour punishable by fine or imprisonment with or without hard labour, or both, for not more than two years, by the (English) Law of Property Act, 1925, s. 183, extend-ing the (English) Law of Property Amendment Act, 1859 (22 & 23 Vict. c. 35), s. 24 (Chitty's Statutes, tit. 'Conveyancing'), and the falsifier is also liable to an action for damages by the same enactment. The fiat of the Attorney-General is required before comm-encing a prosecution. [(English) L.P. Act, 1925, s. 183]2. Official Documents.--Making any mat...
sale
sale 1 a : the transfer of title to property from one party to another for a price ;also : the contract of such a transaction see also short compare barter, donation, exchange, gift absolute sale : a sale that takes place without conditions and with title simply passing to the buyer upon payment of the price compare conditional sale in this entry bulk sale : a sale not in the ordinary course of the seller's business of more than half of the seller's inventory called also bulk transfer NOTE: Article 6 of the Uniform Commercial Code governs bulk sales. Under section 6-102(c), in order for a sale to be considered a bulk sale, the buyer (or an auctioneer or liquidator if the sale is an auction) must have been given notice or been able upon reasonable inquiry to have had notice that the seller will not afterward continue to operate the same or a similar kind of business. cash sale : a sale in which payment must be made in cash NOTE: Under U.C.C. section 2-310, payment must be made ...
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