A perusal of Rule 177 and 178 thus reveals that the Companies (Court) Rules, 1959 does provide for liquidator to accept claims even after expiry of time fixed for the same, but only after an order of the court.
Who can present a winding up petition?
A petition to wind up a company may be presented by the company, the directors, any creditor or creditors, a contributory or contributories, the clerk of a magistrates’ court in the exercise of the power conferred by section 87A of the Magistrates Court Act 1980 (enforcement of fines imposed on companies), any …
Who are included in List A of Contributories?
(1) Contributories (List A): Those shareholders who are members of the company at the time of its winding-up are included in list ‘A’. They are primarily liable for making payment to the company at the time of its winding-up up to the extent of the amount which remains unpaid on their shares up to that time.
Who are Contributories of a company?
The term” contributory” means every person liable to contribute to the assets of a company in the event of its being wound up, and includes the holder of any shares which are fully paid up; and for the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who …
What happens when liquidators are appointed?
Once a liquidator is officially appointed, they are in charge of closing down the business and investigating the circumstances that led to the company’s insolvency. Their main purpose is to convert any remaining assets into cash and pay as many creditors as possible with those funds, hoping to pay dividends too.
What do liquidators do?
A liquidator is a person with the legal authority to act on behalf of a company to sell the company’s assets before the company closes in order to generate cash for a variety of reasons including debt repayment. Liquidators are generally assigned by the court, by unsecured creditors, or by the company’s shareholders.
Who Cannot file a petition for winding up?
The Court can direct winding up of a Company even if the petition is filed at the instance of a single creditor. A petition for winding up can be presented by a contingent or prospective creditor and it is for the Court to satisfy itself about the eligibility of such person to present a petition.
Who are the person who Cannot file petition for winding up of the company?
But a contributory cannot make a petition for the winding up of the company under clause (a) and (b) stated above unless at least some of the shares held by him were originally allotted to him or have been held by him and registered in his name for at least 6 months during the 18 months before the commencement of the …
What is meant by B list of Contributories What is the liability of Contributories included in the list?
Shareholders who have transferred that partly paid shares within one year earlier to date of winding up will be placed in “B” List. Such contributories will be referred to as “B” List of contributories. Liquidator is expected to dispose the assets off to pay off liabilities.
Who will be liable as Contributories on the winding up of a company?
All persons other than subscribers to memorandum, whether their names are on the record in the register of members of the company at the time of the commencement of winding up or were on the record in the register of members of the company one year before the date of commencement of the winding-up, are liable to …
What are a list of Contributories?
Persons Liable as Contributories:
- The following persons are liable as contributories:
- (a) Past and Present Members:
- (b) Legal Representatives of a Deceased Member:
- (c) The Official Assignee or Receiver of a Contributory:
- (d) Liquidator of a Body Corporate:
- (e) Directors/Managers whose Liabilities are unlimited:
What is adjustment of rights of Contributories?
The Tribunal shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto. Related Posts.
What is settlement of list of contributories?
Settlement of List of Contributories: Sec. 467 (1) lays down that as soon as may be after making a winding-up order, the Court shall settle a list of contributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Act.
What happens when a member on the list of contributories dies?
The legal representatives of a deceased member shall be liable to contribute to the assets of the company if a contributory dies either before or after he has been placed on the list of contributories. When a contributory is adjudged insolvent, his assignees in insolvency must be the contributories (Sec. 431).
When is a past member of a company not liable to contribute?
A member in List B (i.e., a past member) is not liable to contribute: (i) If he has ceased to be a member, for one year or upwards before the commencement of the winding-up; (ii) In respect of any debt or liability of the company contracted after he ceased to be a member; and
When to settle a list of contributories in a winding up order?
Sec. 467 (1) lays down that as soon as may be after making a winding-up order, the Court shall settle a list of contributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Act.
