If the Company isunable to pay its debts. The court may order winding up of a company(1) when the object for which it was incorporated hassubstantially failed or it is impossible to carry on the, business of the company except at a . Comments : The Court may refuse to order winding up under this clause if it is of opinion that some other remedy isavailable to the petitioners and they arc acting unreasonably in asking for winding up, instead of pursuingthe other remedies. Aprima faciecase has to be made out before the court can take any action in the matter. Closing down a company: Strike Off or Wind Up? Company closures have increased significantly, mainly precipitated by. THE LAW REFORM COMMISSION OF HONG KONG REPORT ON. Chapter 11 Official Receiver in Winding-up Section 190 Statement of company’s affairs to be submitted to Official.Even admission of a petition wlticl. The interest of the petitioner alone is not of predominant consideration. This clause gives a wide discretion to the Court and empowers the Court to order winding up in cases notcoming within tile previous five clauses. The following examples will show how the . Examples(i) Loss,Windingupmay be ordered wherea Company iscarrying on its business at : -tlossand where itistotallyimpossible inmake any profits.(ii)Loss of substratum of the company : Where thesubstratumof the Company . The substratum of a Company means its subject matter of the objects for which it wasincorporated. A company had no title to the mine and had no prospect of obtaining possession of it. Below is a summary of the steps involved in a voluntary winding up of a company limited by guarantee. Winding up is a highly technical process that requires a good. In respect of share capital in the winding up of a UK resident company is a distribution of the company if. Forms prescribed by the English Companies (Winding-up) Rules, 1949. Simple Guide on Compulsory Winding-up of Companies. The principal legislation for companies winding-up is. In re Haven Gold Mining Co. A Company was formed for working a German patent. The German patent was notgranted but the company purchased a Swedish patent. It was held that the substratum of that company failed. Acompany' lost its business through nationalization. Re Eastern 7eley+uhh: Co Ltd. 3 Winding Up By Court (Circumstances) . Madras ordered winding up of the company and appointed the Official Liquidator attached. Report of the Official Liquidator, CHENNAI.
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