Winding Up  According   to Prof Gower      “Windingup of a company is a process by      whereby its life is ended and it...
Modes of Winding Up  Windingup by Court i.e., Compulsory  Winding Up  Voluntary   Winding Up  Winding   up subject to S...
Grounds of CompulsoryWinding Up  Special  Resolution By Court  Default in Delivering the Statutory   Report to the Regis...
Grounds of CompulsoryWinding Up  Inability   to pay its debts    When      a company is unable to pay its debts       D...
Grounds of CompulsoryWinding Up  Just   and Equitable Clause    When the substratum of a company is gone    When the ma...
Upcoming SlideShare
Loading in...5
×

Winding up

1,334

Published on

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,334
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
43
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Winding up

  1. 1. Winding Up  According to Prof Gower  “Windingup of a company is a process by whereby its life is ended and its property administered for the benefit of its creditors and members”.  Anadministrator, called Liquidator is appointed and the takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights.
  2. 2. Modes of Winding Up  Windingup by Court i.e., Compulsory Winding Up  Voluntary Winding Up  Winding up subject to Supervision of Court
  3. 3. Grounds of CompulsoryWinding Up  Special Resolution By Court  Default in Delivering the Statutory Report to the Registrar or in holding Statutory meeting.  Failure to commence, or suspension of, Business  Reduction in Membership
  4. 4. Grounds of CompulsoryWinding Up  Inability to pay its debts  When a company is unable to pay its debts  Demand for payment neglected  Decreed debt unsatisfied  Commercial insolvency
  5. 5. Grounds of CompulsoryWinding Up  Just and Equitable Clause  When the substratum of a company is gone  When the management is carried on in such a way that the minority is disregarded or oppressed  When there is deadlock in the management of the company Ex: Yenidje Tobacco Co Ltd  Where Public interest is likely to be prejudiced.  When business of company become illegal  When the company is a mere bubble and does not carry on any business or does not have any property.
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.

×