January 2025
Intermediate to advanced
540 pages
18h 10m
English
Content preview from Legal Aspects of Business
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CHAPTER 32
WINDING UP
Company is not a natural person but an artificial person created by law and winding up is the mode through which this artificial person comes to an end. In the words of Prof. L.C.B. Gower, “Winding-up of a company is the process whereby its life is ended and its property administered for the benefit of its creditors and members.” A liquidator is appointed and he takes control of the company, collects its debts and finally distributes any surplus among the members in accordance with their rights. The main purpose of winding up of a company is to realize the assets and pay the debts of the company expeditiously and fairly in accordance with the law.
Winding Up by Tribunal
Sec. 2(94A) defines winding up means winding up ...
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