Wind Up - Law Dictionary Search Results
Home Dictionary Name: wind upWinding-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...
Voluntary winding up and winding up by the court
Voluntary winding up and winding up by the court, the expressions 'voluntary winding up' and 'winding up by the Court' have acquired a technical meaning in our Company and Insurance jurisprudence. Like the Co-operative Society Laws, the Companies Act and the Insurance Act also make a distinction between the cessation of business by a company and its voluntary winding up or winding up by an order of the Court. There is nothing unequivocal in s. 15(a) of the Act to show that Parliament intended to depart from the technical meaning of 'voluntary winding up' and 'winding up by the Court' and to bid a good-bye to the distinction in our Company and Insurance jurisprudence between mere cessation of business by a company and its voluntary winding up or winding up by an order of the Court. The phrase 'voluntarily wound up' in the first limb would mean the voluntary winding up of an insurance public company in accordance with s. 54 of the Insurance Act, The Neptune Assurance Co. Ltd.v. Union of ...
wind up
wind up wound up wind·ing up : to bring to an end by taking care of unfinished business [ordered to wind up his practice] ;specif : to conclude by removing liabilities and distributing any remaining assets to partners or shareholders [wind up the business and affairs of a corporation in dissolution] [wind up a receivership] ...
winding up
winding up Liquidating a business ...
Affairs of a company have been completely wound up
Affairs of a company have been completely wound up, The phrase 'the affairs of a company have been completely wound up' significant. It shows that the expressions 'winding up of a company' and 'winding up of the affairs of a company' convey the same sense, for we think that the phrase 'the affairs of a company' means the business affairs of the company, The Neptune Assurance Company Ltd. v. Union of India (1973) 2 SCR 940: AIR 1973 SC 602: (1973) 1 SCC 310. [General Insurance (Emergency Provisions) Act (17 of 1971) s. 15(a)]...
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 ...
Petition
Petition, a supplication made by an inferior to a superior, having jurisdiction to grant redress.The subject has a right to petition the sovereign, or the two Houses of Parliament, and all commit-ments and prosecutions for such petitioning are declared by the Bill of Rights (see BILL OF RIGHTS) to be illegal.But by 13 Car. 2, st. 1, c. 5, prior in date to the Bill of Rights, it was enacted that not more than twenty names should be signed to a petition to the Crown or either House of Parliament for alteration of matters in Church or State, without the previous approval of the contents by three justices or the majority of a grand jury, and further, that no petition should be presented by a company of more than ten persons.There are several regulations respecting petitions to Parliament, which, if neglected in any one parti-cular, will prevent their reception. For instance, signatures or marks must be original, not copies nor signatures of agents on behalf of others; no chairman of a publ...
Inspectorship, Deed of
Inspectorship, Deed of, an instrument entered into between an insolvent debtor and his creditors, appointing one or more person or persons to inspect and oversee the winding up of such insolvent affairs on behalf of the creditors. See COMPOSITION; and the repealed (English) Bankruptcy Act, 1869 (32 & 33 Vict. c. 71), ss. 125, 127. Compare' committee of inspection'; as to which, see Bankruptcy Rules, 1915, r. 294, and in companies (winding up by the Court), under the (English) Companies Act, 1929, ss. 198-201, and upon voluntary winding up, appointed by creditors, s. 240 (ibid.)....
Preferential payments
Preferential payments, in bankruptcy, administra-tion of estates of persons dying insolvent, and winding up of a company:-One year's rates and taxes, four months' salaries of clerks up to fifty pounds, and two months' wages of labourers or workmen, up to twenty-five pounds (labourers in husbandry paid partly in a lump sum at the end of the year of hiring to have the whole or proportionate part of that sum). Also sums due under the Workmen's Compensation Acts, the National Insurance Acts (Health and Unemployment and Contributory Pensions). These debts rank equally between them unless the assets are insufficient, in which case they are to abate in equal proportions. By the (English) Bankruptcy Act, 1914 (see s. 34), the preference was extended to apprentices. See the (English) Bankruptcy Act, 1914, s. 33, and the (English) Companies Act, 1929, s. 264, by which these debts are directed to be paid in priority to all others; and by s. 264 (4) (b) of the Companies Act, 1929, these debts are ...
Contributory
Contributory, a person liable to contribute to the assets of a company in the event of it being wound up. See also Re Aidall Ltd., 1933 Ch 323. Two lists of contributories are prepared by the liquidator, viz., one (the 'A list') of those who are shareholders at the time of the winding-up order, and who are primarily liable to contribute, and another (the 'B list') of those who have ceased to be shareholders but have been shareholders within the twelve months previously, and who are liable in a secondary degree. A shareholder may sometimes avoid liability by transfer to a pauper. See Re Discoveries Finance Corporation, (1910) 1 Ch 312, but see Hyam's Case, (1859) 1 De 9 F&J 75. Directors with unlimited liability of a limited company are (in addition) liable as if they were members of an unlimited company unless they have ceased to hold office for a year or upwards before the commencement of the winding-up. See generally (English) Companies Act, 1929, ss. 157-192; COMPANY, and LIMITED LI...
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