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Page 245

CHAPTER 22
COMPLETION OF THE WINDING UP

Duties of Liquidator.-A liquidator must:
1. Take all the property of the company into his custody as soon as possible.
2. Apply the company's property in satisfaction of its liabilities and, subject thereto, distribute it among the members according to their rights and interests in the company (s. 302).

If the liquidator distributes the assets without making provision for the liabilities he is liable to pay damages to the unpaid creditors.

James Smith & Sons, Ltd. v. Goodman, [1936] Ch. 216. The company had a lease of premises expiring in 1938 at a yearly rent of £1,217 lOs. The lease was assigned to M., and in 1933 the company went into voluntary liquidation. M. was insolvent and unable to pay the rent. The liquidator distributed the assets without making any provision for the company's liabilities under the lease. -field, the liquidator had committed a breach of his duty under s. 247, and was liable in damages to the lessor.
3. Have regard to any directions given by resolution of the creditors or contributories at a meeting or by the committee of inspection. Directions of the creditors or contributories override those of the committee of inspection (s. 246).
4. Summon meetings of the creditors or contributories whenever requested in writing by one-tenth in value of the creditors or contributories (s. 246). He may summon meetings on his own initiative w1 enever he wants to ascertain the wishes of the creditors or contributories.
5. Keep the prescribed books. Any creditor or contributory may, subject to the control of the Court, inspect such books (s. 247).

The books to be kept are (i) the record book, (ii) the cash book, and (iii) the trading account, if the liquidator is carrying on business.
The record book contains a record of all minutes and resolutions passed at meetings of the creditors, contributories, and the committee of inspection, and all matters necessary to give a correct view of the liquidator's administration of the company's affairs, excluding documents of a confidential nature such as opinions of counsel (r. 169).
The cash book, which must be kept in the prescribed form, contains entries made from day to day of the receipts and payments made by the liquidator (r. 170).
The trading account is an account of the liquidator's trading, and the amounts of the receipts and payments of the trading account must be incorporated in the cash book (r. 174).
6. Pay all money he receives into the Companies Liquidation Account at ,the Bank of England (s. 248). If the committee of inspection satisfies the Board of Trade that it would be for the advantage of the creditors or contributories for the

travel books:
where is HTML where is HEAD where is TITLE Duties of Liquidator.-A liquidator must: 1. Take all what is property of what is company into his custody as soon as possible. 2. Apply what is company's property in satisfaction of its liabilities and, subject thereto, distribute it among what is members according to their rights and interests in what is company (s. 302). If what is liquidator distributes what is assets without making provision for what is liabilities he is liable to pay damages to what is unpaid creditors. James Smith & Sons, Ltd. v. Goodman, [1936] Ch. 216. what is company had a lease of premises expiring in 1938 at a yearly rent of £1,217 lOs. what is lease was assigned to M., and in 1933 what is company went into voluntary liquidation. M. was insolvent and unable to pay what is rent. what is liquidator distributed what is assets without making any provision for what is company's liabilities under what is lease. -field, what is liquidator had committed a breach of his duty under s. 247, and was liable in damages to what is lessor. 3. Have regard to any directions given by resolution of what is creditors or contributories at a meeting or by what is committee of inspection. Directions of what is creditors or contributories override those of what is committee of inspection (s. 246). 4. Summon meetings of what is creditors or contributories whenever requested in writing by one-tenth in value of what is creditors or contributories (s. 246). He may summon meetings on his own initiative w1 enever he wants to ascertain what is wishes of what is creditors or contributories. 5. Keep what is prescribed books. Any creditor or contributory may, subject to what is control of what is Court, inspect such books (s. 247). what is books to be kept are (i) what is record book, (ii) what is cash book, and (iii) what is trading account, if what is liquidator is carrying on business. what is record book contains a record of all minutes and resolutions passed at meetings of what is creditors, contributories, and what is committee of inspection, and all matters necessary to give a correct view of what is liquidator's administration of what is company's affairs, excluding documents of a confidential nature such as opinions of counsel (r. 169). what is cash book, which must be kept in what is prescribed form, contains entries made from day to day of what is receipts and payments made by what is liquidator (r. 170). what is trading account is an account of what is liquidator's trading, and what is amounts of what is receipts and payments of what is trading account must be incorporated in what is cash book (r. 174). 6. Pay all money he receives into what is Companies Liquidation Account at ,the Bank of England (s. 248). If what is committee of inspection satisfies what is Board of Trade that it would be for what is advantage of what is creditors or contributories for what is where is meta name="keywords" content="old books, Free book , free book offer , free audio books , free coloring book pages , free book reports , free audio book , audio books free download , book free , free guest book , books free , free book summaries , download free audio books , free childrens books." where is where are they now rel="stylesheet" type="text/css" href="../../style.css" where is meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" where is BODY bgColor=#ffffff text="#000000" where are they now ="#000000" v where are they now ="#FF0000" where is div align="center" where is strong where is strong where is a href="http://www.aaoldbooks.com" Books > where is a href="../default.asp" title="Book" Old Books > where is strong where is a href="default.asp" Poetry Northwest (1959) where is table width="700" border="1" align="center" cellpadding="15" cellspacing="0" where is center where is tr where is td width="160" align="center" valign="top" where is div align="center" where is td align="center" valign="top" where is div align="left" where is div align="center" where is p align="left" Page 245 where is strong CHAPTER 22 COMPLETION OF what is WINDING UP where is p align="justify" Duties of Liquidator.-A liquidator must: 1. Take all what is property of what is company into his custody as soon as possible. 2. Apply what is company's property in satisfaction of its liabilities and, subject thereto, distribute it among what is members according to their rights and interests in what is company (s. 302). If what is liquidator distributes what is assets without making provision for what is liabilities he is liable to pay damages to what is unpaid creditors. James Smith & Sons, Ltd. v. Goodman, [1936] Ch. 216. what is company had a lease of premises expiring in 1938 at a yearly rent of £1,217 lOs. what is lease was assigned to M., and in 1933 what is company went into voluntary liquidation. M. was insolvent and unable to pay what is rent. what is liquidator distributed what is assets without making any provision for what is company's liabilities under what is lease. -field, what is liquidator had committed a breach of his duty under s. 247, and was liable in damages to what is lessor. 3. Have regard to any directions given by resolution of what is creditors or contributories at a meeting or by what is committee of inspection. Directions of what is creditors or contributories override those of what is committee of inspection (s. 246). 4. Summon meetings of what is creditors or contributories whenever requested in writing by one-tenth in value of what is creditors or contributories (s. 246). He may summon meetings on his own initiative w1 enever he wants to ascertain what is wishes of what is creditors or contributories. 5. Keep what is prescribed books. Any creditor or contributory may, subject to what is control of what is Court, inspect such books (s. 247). The books to be kept are (i) what is record book, (ii) what is cash book, and (iii) what is trading account, if what is liquidator is carrying on business. what is record book contains a record of all minutes and resolutions passed at meetings of what is creditors, contributories, and what is committee of inspection, and all matters necessary to give a correct view of what is liquidator's administration of what is company's affairs, excluding documents of a confidential nature such as opinions of counsel (r. 169). what is cash book, which must be kept in what is prescribed form, contains entries made from day to day of what is receipts and payments made by what is liquidator (r. 170). what is trading account is an account of what is liquidator's trading, and what is amounts of what is receipts and payments of what is trading account must be incorporated in what is cash book (r. 174). 6. Pay all money he receives into what is Companies Liquidation Account at ,the Bank of England (s. 248). If what is committee of inspection satisfies what is Board of Trade that it would be for what is advantage of what is creditors or contributories for what is where is Server.Execute("_SiteMap.asp") %

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