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Page 254

CHAPTER 23
VOLUNTARY WINDING UP

company. This amounts to a new contract between the liquidator and the servants so employed.
There is no statutory provision for the stay of actions and other proceedings against the company in the case of a voluntary winding up, but the Court has a discretion to stay proceedings.4 Executions will usually be stayed when it is necessary to ensure equality in the distribution of assets, 5 but actions will not be stayed when there is a dispute as to liability.

DISTRIBUTION OF PROPERTY OF COMPANY
In every voluntary liquidation, the liquidator must apply the property of the company first in paying the preferential debts, and then in discharging the liabilities of the company pari passu. Subject to these payments, the property of the company must be distributed among the members according to their rights and interests (s. 302). If the company is insolvent the bankruptcy rules apply as well to a voluntary as to a compulsory winding up (s. 317).
The costs, charges and expenses properly incurred in the winding up, including the remuneration of the liquidator, are payable, as in a compulsory winding up, in priority to all other claims (s. 309).

POWERS AND DUTIES OF LIQUIDATOR
In every voluntary winding up it is the duty of the liquidator to pay the debts of the company and adjust the rights of the contributories among themselves. To enable him to do this, he may without sanction:
1. Settle a list of contributories.
2. Make calls.
3. Exercise all the powers of a liquidator in a compulsory winding up, except those mentioned below. He may carry on the business of the company, if he reasonably thinks it is necessary
for the beneficial winding up of the company. If he does so, those to whom he incurs obligations are entitled to be paid in priority to the creditors at the commencement of the winding up .(Re Great Eastern Electric Co., [1941] Ch. 241.)
4. Summon general meetings of the company for any purpose he may think fit.

4 Currie v. Consolidated Kent Collieries, [ 1906] 1 K. B. 134.
5 Anglo-Baltic Bank v. Barber & Co., [1924] 2 K. B. 410.

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where is HTML where is HEAD where is TITLE company. This amounts to a new contract between what is liquidator and what is servants so employed. There is no statutory provision for what is stay of actions and other proceedings against what is company in what is case of a voluntary winding up, but what is Court has a discretion to stay proceedings.4 Executions will usually be stayed when it is necessary to ensure equality in what is distribution of assets, 5 but actions will not be stayed when there is a dispute as to liability. DISTRIBUTION OF PROPERTY OF COMPANY In every voluntary liquidation, what is liquidator must apply what is property of what is company first in paying what is preferential debts, and then in discharging what is liabilities of what is company pari passu. Subject to these payments, what is property of what is company must be distributed among what is members according to their rights and interests (s. 302). If what is company is insolvent what is bankruptcy rules apply as well to a voluntary as to a compulsory winding up (s. 317). what is costs, charges and expenses properly incurred in what is winding up, including what is remuneration of what is liquidator, are payable, as in a compulsory winding up, in priority to all other claims (s. 309). POWERS AND DUTIES OF LIQUIDATOR In every voluntary winding up it is what is duty of what is liquidator to pay what is debts of what is company and adjust what is rights of what is contributories among themselves. To enable him to do this, he may without sanction: 1. Settle a list of contributories. 2. Make calls. 3. Exercise all what is powers of a liquidator in a compulsory winding up, except those mentioned below. He may carry on what is business of what is company, if he reasonably thinks it is necessary for what is beneficial winding up of what is company. If he does so, those to whom he incurs obligations are entitled to be paid in priority to what is creditors at what is commencement of what is winding up .(Re Great Eastern Electric Co., [1941] Ch. 241.) 4. Summon general meetings of what is company for any purpose he may think fit. 4 Currie v. Consolidated Kent Collieries, [ 1906] 1 K. B. 134. 5 Anglo-Baltic Bank v. Barber & Co., [1924] 2 K. B. 410. 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 254 where is strong CHAPTER 23 VOLUNTARY WINDING UP where is p align="justify" company. This amounts to a new contract between what is liquidator and what is servants so employed. There is no statutory provision for what is stay of actions and other proceedings against what is company in what is case of a voluntary winding up, but what is Court has a discretion to stay proceedings.4 Executions will usually be stayed when it is necessary to ensure equality in what is distribution of assets, 5 but actions will not be stayed when there is a dispute as to liability. DISTRIBUTION OF PROPERTY OF COMPANY In every voluntary liquidation, what is liquidator must apply what is property of what is company first in paying what is preferential debts, and then in discharging what is liabilities of what is company pari passu. Subject to these payments, what is property of what is company must be distributed among what is members according to their rights and interests (s. 302). If what is company is insolvent what is bankruptcy rules apply as well to a voluntary as to a compulsory winding up (s. 317). what is costs, charges and expenses properly incurred in what is winding up, including what is remuneration of what is liquidator, are payable, as in a compulsory winding up, in priority to all other claims (s. 309). POWERS AND DUTIES OF LIQUIDATOR In every voluntary winding up it is what is duty of what is liquidator to pay what is debts of what is company and adjust what is rights of what is contributories among themselves. To enable him to do this, he may without sanction: 1. Settle a list of contributories. 2. Make calls. 3. Exercise all what is powers of a liquidator in a compulsory winding up, except those mentioned below. He may carry on what is business of what is company, if he reasonably thinks it is necessary for what is beneficial winding up of what is company. If he does so, those to whom he incurs obligations are entitled to be paid in priority to what is creditors at what is commencement of what is winding up .(Re Great Eastern Electric Co., [1941] Ch. 241.) 4. Summon general meetings of what is company for any purpose he may think fit. 4 Currie v. Consolidated Kent Collieries, [ 1906] 1 K. B. 134. 5 Anglo-Baltic Bank v. Barber & Co., [1924] 2 K. B. 410. where is Server.Execute("_SiteMap.asp") %

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