Winding Up - Law Dictionary Search Results
Home Dictionary Name: winding up Page: 3 Page 3 of about 52 results (0.003 seconds)Novation
Novation, the substitution, with the creditor's consent, of a new debtor for an old one. The cases on novation between a customer and a firm will be found discussed in Lindley on Partnership. Slight evidence is sufficient to show that a creditor who continue his dealings with in coming partners accepts the new firm as his debtors instead of the old firm, see Smith v. Patrick, 1901 AC 282. Even in the case of an amalgamation of companies there is nothing to prevent novation if established by sufficient evidence. Many such cases arose in the winding-up of the Albert Company and the European Company, which will be found collected in Buckley on Companies.Substitution of a new contract is the core of novation. If the new contract suffers from legal flaw such as want of registration, stamps etc., on account of which it becomes unenforceable, the original contract will not be extinguished and there would be no novation, Vishram Arjun v. Irukulla Shankariah, AIR 1957 AP 784....
Official 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....
Official managers
Official managers, persons formerly appointed, under statutes now repealed, to superintend the winding-up of insolvent companies under the control of the Court of Chancery...
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...
Preferential or preference shares or stock
Preferential or preference shares or stock, shares or stock in a company having priority as to payment of dividends of a fixed amount, and, in some cases, of capital upon a winding-up, over the ordinary shares. The dividends are usually contingent upon the profits of each year or half-year. In some cases, however, the arrears of dividend form an accumu-lating debt by the ordinary to the preference shareholders, the preference being in that case described as a 'non-contingent' or a 'xumulative' preference. And see DEFERRED STOCK....
Proof
Proof, does not mean proof to rigid mathematical demonstration, because that is impossible; it must mean such evidence as would induce a reasonable man to come to a particular conclusion, Hawkins v. Powells Tillery Steam Coal Co. Ltd., (1911) 1 KB 988: 1911 WN 53.Proof, evidence, testimony, convincing token means of conviction. Also standard strength of spirituous liquids.See BURDEN OR PROOF; EVIDENCE; BANK-RUPTCY; WINDING-UP.The word 'proof' need be understood in the sense in which it is defined in the Evidence Act because proof depends upon the admissibility of evidence. A fact is said to be proved when, after considering the matters before it, the court either believes it to exist, or considers its existence so probable that a prudent man ought, under the circumstances of the particular case, to act upon the supposition that it exists. This is the definition given for the word 'proved' in the Evidence Act. What is required is production of such materials on which the court can reaso...
Liquidation
Liquidation. As to liquidation by arrangement with creditors, see the repealed Bankruptcy Act, 1869 (32 & 33 Vict. c. 71), s. 125; but the procedure was not re-established by the Bankruptcy Act, 1883. The liquidation of joint stock companies is provided for by Part IV. of the Companies Act,1929. See next title and WINDING-UP....
Receiver
Receiver, is a person appointed for the collection or protection of property. He is appointed either by the court or out of court by individuals or corporations, Halsbury's Laws of England, 4th Edn., Vol. 39, p. 403, pp. 801.Receiver. (1) An officer appointed by the court to collect rents, etc., pending a suit. Receivers are appointed in actions for administration; in actions by mortgages or against trustees or executors; in actions between partners for winding up the partnership business, and in a great many other cases. (2) A mortgagee may also appoint a receiver of the mortgaged property, if empowered so to do by the mortgage deed or by separate instrument, without having to apply to the court; and by s.19 of the (English) Conveyancing Act, 1881, reproduced and extended to mortgages of certain incorporated hereditaments, such as rentcharges or annual income, by the (English) Law of Property Act, 1925, s. 101, in the case of a mortgage executed on or after the 1st January, 1882, the ...
Reconstruction company
Reconstruction company, means a company formed and registered under the Companies Act, 1956 (1 of 1956) for the purpose of asset reconstruction. [Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), s. 2(1)(v)]Reconstruction of a company, upon a voluntary winding-up the company may sell its undertaking for property of (including profits in) the purchas-ing company; see Companies Act, 1929, s. 234....
Release
Release [fr. relaxtio, Lat.], a gift, discharge, or renunciation of a right of action (see SURETY CON-SIDERATION); also a Common Law conveyance of a larger estate, or a remainder, or reversion to one already in possession, the operative verb in which is 'release'; hence the name. It operates or inures in five modes:-(a) By passing an estate to one or more already in possession (mitter l'estate), as where a coparcener conveys his estate to his coparcener, or where one of more than two joint tenants conveys his interest to one or more but not all of the others so as to sever that share. It also operates without mitter l'estate where one joint tenant releases his estate to the other, or all the other joint tenants so as not to create a severance. See Halsbury, L. of E., tit. 'Release.' In consequence of the privity between such parties, a fee-simple will pass without any words of limitation. Tenants in common, however, could not thus release to one another, since they had distinct interes...
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