Liquidating a ltd company Nasty hot chat lines
The petitionmust not be filed before expiry of 14 days after the last day in which the statutory meeting ought to have been held.
This administrator will have tremendous powers at his/her disposal, including disposing of company assets, corporate restructuring, and even to put the company liquidation if it is felt that this will provide a better return for creditors.For companies in administration, options are usually fairly few and far between.Administration offers the possibility for a company to survive and continue trading as opposed to the finality of being wound up. Some cases go on for many months and, in some instances, more than a year.The following are the instances where the court can issue a winding up order under the clause, “just and equitable”: – The court must be over-cautious before admitting a petition for winding up on the just and equitable clause. Just and equitable clause depends upon the facts of each case.The court may order winding up under this clause when:- (a) The substratum of the company is gone Substratum of a company is said to have disappeared only when the object for which it was incorporated has substantially failed or when it is impossible to carry on business except at a loss, or the existing assets are insufficient to meet the existing liabilities.