Wk 10 Winding up Part 2 SMU Corporate Law Class Slides under Prof Wan Wai Yee
1. Winding Up of the Company Under the New Law
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Transcript of 1. Winding Up of the Company Under the New Law
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WINDING UP OF A COMPANY UNDER THE NEW ACT
Jyoti SrivastavaPartner, Legal Imperials
[Head Litigation, Arbitration, Corporate Advisory]
LL.B, IPR (Cert.), PGDADR, Mediator (ICADR); Legal Aid Counsel, Delhi District Court
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DEFINITION OF A COMPANY
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LIFE CYCLE OF A COMPANY
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MODES OF WINDING UP
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WINDING UP: MEANING
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RELEVANT SECTIONS FOR WINDING UP UNDER THE OLD COMPANIES ACT
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CRITERIA FOR WINDING UP
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CRITERIA FOR WINDING UP UNDER THE OLD ACT
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NEW ACT ON
1. The company is unable to pay its debts which is a situation when:
• The company on the demand of the creditor a sum within 21 days of receipt of the demand notice is unable to provide adequate security or is unable to restructure the debt or compound the debt to the reasonable satisfaction of the creditor.
• If the execution decree in favour of creditor is returned unsatisfied,
• If it is proved to the satisfaction of the Tribunal that the company is unable to pay its debts.
REASONS FOR WINDING UP
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OTHER REASONS FOR WINDING UP
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WINDING UP PROCESS BY TRIBUNAL
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Winding up takes management out of the hands of the BOD
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Thank You
_______________Legal
Imperials