Llb 224 islamic jurisprudence – ii final.

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The word fiqh is an Arabic term meaning "deep understanding" or "full comprehension". Technically it refers to the body of Islamic law extracted from detailed Islamic sources (which are studied in the principles of Islamic jurisprudence) and the process of gaining knowledge of Islam through jurisprudence.

Law

Interpretation is the procedure by which justices interpret and smear lawmaking. Particular quantity of interpretation is frequently essential when a circumstance includes a decree. Occasionally the influences of a decree consume a basic and direct sense. Then in numerous bags, here is specific ambiguity and vagueness in the words of the decree that need be determined by the justice. To novelty the senses of decrees, adjudicators practice many tackles and means of constitutional interpretation, counting outdated norms of legal interpretation, lawmaking antiquity, and determination. In joint law authorities, the law lords may smear rubrics of legislative interpretation together to regulation endorsed by the parliament and to substitute lawmaking such as organizational activity rules.

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Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry. Here's a breakdown of the key aspects of winding up: Reasons for Winding Up: Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues. Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company. Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up. Types of Winding Up: Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types: Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled. Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets. Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent. Process of Winding Up: Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds. Cease Trading: The company stops its regular business operations. Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims. Sale of Assets: The company's assets are sold to generate cash to pay off creditors. Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors. Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake. Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register. Impact of Winding Up: Employees: Employees will likely lose their jobs during the winding-up process. Creditors: Creditors may not recover their debts in full, especially if the company is insolvent. Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets. Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.

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