The Company's Ordinance, 1984 - PakSearch.com

For business information, annual reports, laws, ordinances, regulations and articles.

PART XI
WINDING UP PRELIMINARY

297. Modes of winding up.

CONTRIBUTORIES

298. Liability as contributories of present and past member.

299. Liability of directors whose liability is unlimited.

300. Definition of 'contributory'.

301. Nature of liability of contributory.

302. Contributories in case of death of member.

303. Contributory in case of insolvency. of member.

304. Contributories in case of winding up of a body corporate which is a member.

WINDING UP BY COURT
CASES IN WHICH COMPANIES MAY BE WOUND UP BY COURT

305. Circumstances in which company may be wound up by Court.

306. Company when deemed unable to pay its debts.

TRANSFER OF PROCEEDINGS

307. Transfer of proceedings to other Courts.

308. Withdrawal and .transfer of winding up from one Court to another.

PETITION FOR WINDING UP

309. Provisions as to applications for winding up.

310. Right to present winding up petition where company is being wound up voluntarily or subject to Court's supervision.

COMMENCEMENT OF WINDING UP

311. Commencement of winding up by Court.

POWERS OF COURT HEARING APPLICATION

312. Hearing of winding up petition by the Court.

313. Court may- grant injunction.

314. Powers of Court on hearing petition.

315. Copy of winding up order to be filed with registrar.

316. Suits stayed on winding up order.

317. Court may require expeditious disposal of suits, etc.

318. Effect of winding up order.

319. Power of Court to stay winding up, etc.

320. Court to have regard to wishes of creditors or contributoies.

OFFICIAL LIQUIDATORS

321. Appointment of official liquidator.

322. Resignation, removal, filling up vacancies, etc., of official liquidator.

323. Remuneration of official liquidator.

324. Style of official liquidator.

325. Appointment and powers of provisional manager.

326. General Provisions as to liquidators.

327. Receiver not to be appointed of assets with liquidator.

328. Statement of affairs to be made to official liquidator.

329. Report by official liquidator.

330. Custody of company's property.

331. Committee of inspection in compulsory winding up.

332. Constitution and proceedings of committee of inspection.

333. Powers of official liquidator.

334. Discretion of official liquidator.

335. Provision for assistance to official liquidator.

336. Liquidator to keep books containing proceedings of meeting; etc.

337. Liquidator's account.

338. Exercise and control of liquidator's powers.

339. Settlement of list of Contributories and application of assets.

340. Power to require delivery of property.

341. Power to order payment of debts by contributory.

342. Power of Court to make calls.

343. Power to order payment into bank.

344. Regulation of account with Court.

345. Order on contributory conclusive evidence.

346. Power to exclude creditors not proving in time.

347. Adjustment of rights of Contributories.

348. Power to order costs.

349. Distribution by official liquidator.

350. Dissolution of company.

35l. Power to summon persons suspected of having property of company.

352. Power to order public examination of promoters, directors, etc.

353. Power to arrest absconding contributory.

354. Saving of other proceedings.

ENFORCEMENT OF ORDERS

355. Power to enforce orders.

356. Order made by any Court to be enforced by other Courts.

357. Mode of dealing with orders to be enforced by other Courts.

VOLUNTARY WINDING UP
RESOLUTION FOR, AND COMMENCEMENT OF VOLUNTARY WINDING UP

358. Circumstances in which company may be wound up voluntarily.

359. Commencement of voluntary winding up.

CONSEQUENCES OF VOLUNTARY WINDING UP

360. Effect of voluntary winding up on status of company.

361. Notice of resolution to wind up voluntarily.

DECLARATION OF SOLVENCY

362. Declaration of solvency in case of proposal to wind up voluntarily.

PROVISIONS APPLICABLE TO MEMBERS' VOLUNTARY WINDING UP

363. Provisions applicable to members' voluntary winding up.

364. Appointment of liquidators.

365. Power to fill vacancy in office of liquidator.

366. Notice of appointment of liquidator to be given to registrar alongwith his consent.

367. Power of liquidator to accept shares, etc., as consideration for sale of property of company.

368. Duty. of liquidator to caI1 general meeting at the end of each year.

369. Duty. of liquidator to call general meeting at the end of each year.

370. Final meeting and dissolution.

371. Alternative provisions as to annual and final meetings in case of insolvency.

PROVISIONS APPLICABLE TO CREDITORS' VOLUNTARY WINDING UP

372. Provisions applicable to creditors' voluntary winding up.

373. Meeting of creditors.

374. Notice of resolution passed by creditors' meeting to be given to registrar.

375. Appointment of liquidator.

376. Appointment of committee of inspection.

377. Fixing of liquidator's remuneration.

378. Director's powers to cease on appointment of liquidator.

379. Power to fill vacancy in office of liquidator.

380. Application of section 367 to a creditor's voluntary winding up.

381. Duty of liquidator to call meetings of company and of creditors at the end of every year.

382. Final meeting and dissolution.

PROVISIONS APPLICABLE TO EVERY VOLUNTARY WINDING UP

383. Provisions applicable to every voluntary winding up.

384. Accounts and statements to be audited.

385. Distribution of property of company.

386. Application of Sections 328 and 329 to voluntary winding up.

387. Powers and duties of liquidator in voluntary winding up.

388. Power of Court to appoint and remove liquidator in voluntary winding up.

389. Notice by liquidator of his appointment.

390. Arrangement when binding on company and creditors.

391. Power to apply to Court to have questions determined or powers exercised.

392. Application of liquidator to Court for public examination of promoters, directors, etc.

393. Costs of voluntary winding up.

394. Saving for right of creditors and Contributories.

395. Power of Court to adopt proceedings of voluntary winding up.

WINDING UP SUBJECT TO SUPERVISION OF COURT

396. Power to order winding up subject to supervision.

397. Effect of petition for winding up subject to supervision.

398. Court may have regard to wished of creditors and Contributories.

399. Power to replace liquidator.

400. Effects of supervision order.

401. Appointment of voluntary liquidator as official liquidator in certain cases.

PROVISIONS APPLICABLE TO EVERY MODE OF WINDING UP STATUS OF
COMPANIES BEING WOUND UP

402. Status of companies being wound up, etc.

PROOF AND RANKING OF CLAIMS, ETC.

403. Debts of all descriptions to be provide.

404. Application of insolvency rules in winding up of insolvent companies.

405. Preferential payments.

406. Avoidance of transfers, etc.

407. Disclaimer of property.

EFFECT OF WINDING UP ON ANTECEDENT AND OTHER TRANSACTIONS

408. Fraudulent preference.

409. Liabilities and rights of certain fraudulently preferred persons.

410. Avoidance of certain attachments, executions, etc.

411. Effect of floating charge.

OFFENCES ANTECEDENT TO OR IN COURSE OF WINDING UP

412. Power of Court to assess damages against delinquent directors, etc.

413. Liability for fraudulent conduct' of business.

414. Liability under sections 412 and 413 to extend to partners or directors in firm or body corporate.

415. Penalty for fraud by officers of companies which have gone into liquidation.

416. Liability where proper accounts not kept.

417. Penalty for falsification of books.

418. Prosecution of delinquent directors.

419. Penalty for false evidence.

420. Penal provisions.

SUPPLEMENTARY PROVISIONS AS TO ,WINDING UP

421. Liquidator to exercise certain powers subject to sanction.

422. Meetings to ascertain wishes of creditors or Contributories.

423. Documents of company to be evidence.

424. Summary disposal of certain suits by liquidators.

425. Limitation.

426. Court-fees.

427. Inspection of documents.

428. Disposal of books and papers of company.

429. Power of Court to declare dissolution of company void.

430. Information as to pending liquidations.

431. Payments by liquidator into bank

432. Unclaimed dividends and undistributed assets to be paid to Companies Liquidation Account.

433. Books of accounts and other proceedings to be kept by liquidators.

434. Application of provisions relating to audit.

435. Enforcement of duty of liquidator to make return, etc.

436. Notification that a company is in liquidation.

437. Court or person before whom affidavit may be sworn.

COURT RULES

438. Power to make rules.

REMOVAL OF DEFUNCT COMPANIES FROM REGISTER

439. Registrar may strike defunct company off register.

Home | About Us | Contact | Information Resources