companies winding up rules hklii

9. Meetings of advisory committee.- (l )The advisory committee shall meet at such times as it may from time to time appoint and the Company Liquidator or one-third of the total number of members of the said committee may also call a meeting of that committee as and when they think necessary. WIN 34. 168. Admission or rejection of proof for purposes of voting.- The chairman of the meeting shall have power to admit or reject a proof for the purposes of voting, but his decision shall be subject to appeal to the Tribunal, and if he is in doubt whether a proof shall be admitted or rejected, he shall mark it as objected to and allow the creditor to vote subject to the vote being declared invalid in the event of the objection being sustained. Copy of petition to be furnished.- Every contributory of the company shall be entitled to be furnished by the petitioner or by his authorised representative with a copy of the petition within twenty four hours of his requiring the same on payment of five rupees per page. 64. Appeal by creditor. CONTRIBUTORIES. 108. – An application under sub-section (5) of section 300 by any person ordered to be examined to be exculpated from any charges made or suggested against him, shall be made upon notice to the Company Liquidator and to such other persons as the Tribunal may direct. 160. 120. Value of debts.- The value of all debts and claims against the company shall, as far as is possible, be estimated according to the value thereof at the date of the appointment of the Provisional Liquidator or the order of the winding up of the company, whichever is earlier: Provided that where before the presentation of the petition for winding up, a resolution has been passed by the company for winding up, the date for estimation of debts and claims shall be the date of the passing of such resolution. (4) Where an order for the appointment of provisional liquidator or Company Liquidator, as the case may be, has been made, the Registrar shall, as provided in sub section (1) of section 277 within a period not exceeding seven days from the date of passing of the order, send intimation to the Company Liquidator or provisional liquidator in Form WIN 9 by registered post or by speed post or by courier service or by electronic means and a copy of the order for the appointment of provisional liquidator or Company Liquidator, as the case may be, shall also be sent to the Registrar of Companies together with a copy of the petition and the affidavit, if any, filed in support thereof. per annum computed from the date of declaration of the dividend to the time when the debt would have become payable according to the terms on which it was contracted. (2) Formal proof of the debts mentioned in clause (d) of sub-section (1) of section 327 shall not be required, unless the Company Liquidator in any special case otherwise directs. Notice of declaration. 189. 1. Company Liquidator and members of advisory committee dealing with company’s assets.- Neither the Company Liquidator nor any member of the advisory committee shall, while acting as such liquidator or member of such committee in any winding up, either directly or indirectly, by himself or through his employer, partner, clerk, agent, servant, or relative, become purchaser of any part of the company’s assets, except by leave of the Tribunal and any such purchase made contrary to the provisions of this rule may be set aside by the Tribunal on the application of the said liquidator or of a creditor or contributory, as the case may be, and the Tribunal may make such order as to costs as it may think fit. The advertisement must state the date on which the petition was presented, the date of the court hearing, and the name and … (2) The application referred to in sub-rule (1) shall be in Form WIN 61 and where the application is by the Company Liquidator, it shall be accompanied by a statement signed by him setting forth the facts on which the application is based, and where the application is made by a person other than the Company Liquidator, the application shall be supported by an affidavit of the applicant setting forth the matters in respect of which the examination is sought and the grounds, relied on in support of the application. Account and auditor’s report to be placed before Tribunal.- Upon the audit of the account, the Registry shall place the statement of account and the auditor’s certificate before the Tribunal for its consideration and orders. Service of summons.- The summons issued in pursuance of the order of the Tribunal shall be in Form WIN 63 and shall be served, in the mode as referred to in section 20, on the person to be examined not less than seven days before the date fixed for the examination, and when the summons are served in person, there shall be paid or tendered to the person summoned along with the summons a reasonable sum for his expenses to be fixed by the Tribunal or Registry with due regard to the scale of fees in force in the Tribunal and when the summons are served by registered post, such sum shall be sent to such person by postal money order. Notice of filing list and inspection of same.- Upon the filing of the list of creditors as settled by the Company Liquidator, the Registry shall notify the filing thereof on the Tribunal’s notice board and on the website of the Tribunal, and the list of creditors as settled and the proofs relating thereto shall be open to the inspection of every creditor or contributory on payment of fee of one thousand rupees. MCA releases Companies (Winding Up) Rules, 2020. Conduct of examination.- (1) The Company Liquidator shall have the conduct of an examination under section 299, provided that the Tribunal may, if for any reasons it thinks fit so to do, entrust the conduct of the examination to any contributory or creditors and where the conduct of the examination is entrusted to any person other than the Company Liquidator, the Company Liquidator shall nevertheless be entitled to be present at the examination in person or by authorised representative, and may take notes of the examination for his own use and put such questions to the person examined as the Tribunal may allow. Application for leave to commence or continue suit or proceeding.- An application under sub-section (1) of section 279 for leave of the Tribunal to commence or continue any suit or other legal proceeding by or against the company shall be made in Form WIN 15 upon notice to the Company Liquidator and the parties to the suit or proceeding sought to be commenced or continued. The company must also appoint a liquida… Repeal and replacement of Part VII of the Principal Act Part VII of the principal Act is repealed and replaced by the following-"PART VII-WINDING UP OF COMPANIES … Audit fees.- The audit fees shall be fixed by the Tribunal from time to time having regard to -the nature and complexity of the case_. 91. (2) The appeal shall be made in Form WIN 49, supported by an affidavit which shall set out the grounds of such appeal, and notice of the appeal shall be given to the Company Liquidator and on such appeal, the Tribunal shall have all the powers of an appellate court under the Code of Civil Procedure, 1908 (5 of 1908). 119. An in depth analysis of the laws applicable on voluntary winding up; A partial breakdown of other modes of winding up; 1.0 Introduction Winding up is defined by the Black’s Law Dictionary, 9 th Edition, to mean the process of settling accounts and liquidating assets in anticipation of partnership or corporation’s dissolution. Company’s property to be surrendered to Company Liquidator on requisition.- Any contributory for the time being on the list of contributories, trustee, receiver, banker, agent, officer or other employee of a company which is being wound up under order of the Tribunal, shall on notice from the Company Liquidator and within such time as he shall by notice require, pay, deliver, convey, surrender or transfer to or into the hands of the Company Liquidator any money, property or books and papers in his custody or under his control to which the company is or appears to be entitled and where the person so required fails to comply with the notice, the Company Liquidator may apply to the Tribunal for appropriate orders and the notice shall be in Form WIN 51. Guide on Winding up / Dissolution of Companies Page 4 of 10 3.1 Winding up of the company by the Court: (i) The winding up of a company by an order of the Court is called the compulsory winding up. Unclaimed dividends or undistributed assets under investment.-For purposes of payment of unclaimed dividends and undistributed assets into the Company Liquidation Dividend and Undistributed Assets Account, money invested or deposited at interest by the liquidator shall be deemed to be money in his hand, and when such money forms part of the unclaimed dividends or undistributed assets of the company, the liquidator shall realise the investment or withdraw the deposit and shall pay the proceeds into the Company Liquidation Dividend and Undistributed Assets Account. "Court" means the Courts in Malaysia or a judge thereof. 3. 166. 1 Citation. (5) The Official Liquidator shall dispose of all the assets in the manner as described in preceding_ rules 165 to 167 with the modification that wherever the word Tribunal is mentioned, it shall be read as Central Government and with further directions issued by the Central Government as may be necessary, from time to time. (b) The trading account shall, from time to time not less than once in every month, be verified by affidavit, and the Company Liquidator shall thereupon submit such account to the advisory committee (if any) or such member thereof as may be appointed by the said committee for that purpose, who shall examine and certify the same. In exercise of the powers conferred by sub-sections (1) and (2) of section 468 and sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules, namely:-, 1. Definitions.- In these rules, unless the context or subject matter otherwise requires, –. MINISTRY OF CORPORATE AFFAIRS Notification. No claim to be compromised or abandoned without sanction of Tribunal. 40. Butterworths Hong Kong Company (Winding Up and Miscellaneous Provisions) Law Handbook: Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap 32) Call Number: KNR962.A312012 B87 2017 UL … (2) Where the fixed deposit has matured, it shall not be automatically renewed but the Company Liquidator shall carry out the due diligence to assess whether a higher rate of interest is available in any other scheduled bank and the said Liquidator shall report the conclusion of such due diligence to the Tribunal, and in the event a higher rate of interest is available in any other scheduled bank, the said Liquidator shall apply for the leave of the Tribunal to invest the surplus funds in such other scheduled bank offering higher rate of interest. Authority may also present a winding-up petition to the court at any time in relation to a company which is carrying on a regulated business in the Cayman Islands. Form 4 of the Companies (Winding-up) Rules is the standard from of the advertisement (you can search the sample of Form 4 here). Provisional list of contributories. Statement to accompany payment. Under … Application for examination under section 299.- (1) An application for the examination of a person under section 299 may be made ex-parte, provided that where the application is made by any person other than the Company Liquidator, notice of the application shall be given to the Company Liquidator. 46(E). ­(1) Where a warrant has been issued by the Tribunal under these rules for the arrest of a contributory who is or is believed to be outside the jurisdiction of the Tribunal, the Tribunal issuing the warrant may send the warrant of arrest for execution to the District Court or, to the Court of Small Causes at Bombay, Calcutta or Madras (if the warrant has to be executed in any of these places) within the ordinary jurisdiction of which such contributory shall then be or be believed to be, with a requisition in Form WIN 71 annexed thereto under the seal of the Tribunal requesting execution of the warrant by the Court to which it is sent and the last mentioned Court shall seal the warrant with its seal and shall cause the arrest to be made by its own officers or by a Court subordinate to it and the concerned police officers shall aid and assist within their respective jurisdiction in the execution of such warrant. (3) The advisory committee may act by a majority of its members present at a meeting, but shall not act unless a quorum is present. 44. Order granting leave to make call and document making call. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. ON WINDING UP ORDER. 128. WINDING UP APPLICATIONS. 153. Akila Agrawal, Partner & Head (M&A) at law firm Cyril Amarchand Mangaldas, said the rules seek to inter-alia reduce the burden of the NCLT by enabling summary procedures for … Form 4 of the Companies (Winding-up) Rules is the standard from of the advertisement (you can search the sample of Form 4 here). Notice to be given of date of settlement.- (1) Upon the filing of the provisional list of contributories mentioned in rule 28, the Company Liquidator shall obtain a date from the Tribunal for settlement of the list of contributories and shall give notice of the date appointed to every person included in such list, stating in such notice in what character and for what number of shares or extent of interest such person is included in the list, the amount called up and the amount paid up in respect of such shares or interest, and informing such person by such notice that if he intends to object to his being settled as a contributory in such character and for such number of shares or interest as mentioned in the list, he should file in Tribunal his affidavit in support of his contention and serve a copy of the same on the Company Liquidator not less than two days before the date fixed for the settlement, and appear before Tribunal on the date appointed for the settlement in person or by authorised representative and such notice shall be in Form WIN 18 , and shall be sent in the mode set out in section 20 so that it reaches the contributories not less than fourteen days before the date fixed for the settlement. DEBTS AND CLAIMS AGAINST COMPANY, 100. 134. The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance. Winding-up in Nigeria is primarily governed by the Companies and Allied Matters Act Cap. Proofs and list of creditors to be filed in Tribunal.- The Company Liquidator shall, within thirty days from the date fixed for the submission of proofs under rule 100 or such further time as the Tribunal may allow, file in the Tribunal a list of the creditors, in Form WIN 50, who submitted to him proofs of their claims in pursuance of the advertisement and the notice referred to in rule 100, mentioning the amounts of debt for which they claimed to be creditors, distinguishing in such list the proofs admitted wholly, the proofs admitted or rejected in part, and the proofs wholly rejected, and the proofs, with the memorandum of admission or rejection of the same in whole or in part, as the case may be, endorsed thereon, shall be filed in Tribunal along with the certificate. by post. – Every meeting shall be held at such place and time as the Company Liquidator considers convenient for the majority of the creditors or contributories or both and different times or places or both may, if thought fit, be appointed for the meeting of the creditors or contributories or both. 175. (3) The notices shall be in Forms WIN 25 to 29 as may be applicable. Is 31st December 2020 last date of AGM for every company? Effect of voting by a secured creditor.- If a secured creditor votes in respect of his whole debt he shall be deemed to have surrendered his security, unless the Tribunal, on an application by such creditor, is satisfied that the omission to value the security was due to inadvertence. – No dividend to creditors or return of capital to contributories shall be declared by the Company Liquidator without the sanction of the Tribunal. The Companies (Winding Up) Rules, 2020, seek to reduce the burden of the NCLTs by enabling summary procedures for liquidation to be filed with the Central Government, she said. Disclaimer to be filed in Tribunal. – The winding up of a company shall, for purposes of section 302, be deemed to be concluded at the date on which the order dissolving the company has been reported by the Company Liquidator to the Registrar of Companies unless any fund or assets of the company remaining unclaimed or undistributed in the hands or under the control of the Company Liquidator, have been distributed, or paid into the Company Liquidation Dividend and Undistributed Assets Account as provided in section 352. These Rules may be cited as the Companies (Winding-up) Rules. (2) The Company Liquidator, if he thinks fit, may instead of requiring any of the officers of the company to attend the meeting as aforesaid, require such officer to answer any interrogatories or to furnish in writing any information that he may require for purposes of such meeting, and if such officer fails to answer the interrogatories or furnish such information, the liquidator shall report such failure to the Tribunal and the Tribunal may issue such directions to such officer as it may think fit. Procedure in absence of quorum.- If, within half an hour from the time appointed for the meeting, a quorum of creditors or contributories, as the case may be, is not present or represented, the meeting shall be adjourned to the same day in the following week at the same time and place and if at such adjourned meeting, the quorum is not present, at least two creditors or contributories present in person shall form the quorum and may transact the business for which the meeting was convened: Provided that if at the adjourned meeting also two creditors or contributories, as the case may be, are not present, the chairman of the meeting shall submit his report to the Tribunal for such directions as the Tribunal may deem fit. 39. Examination of proof. 121. Report by Company Liquidator.- (1) The report to be submitted by the Company Liquidator under sub-section (1) of section 281 shall be in Form WIN 16 with such variations as may be necessary and the Company Liquidator may make further report or reports, if he thinks fit, according to the provisions of sub-section (4) of the said section. 26. 11. per annum or as decided by the Tribunal up to that date from the time when the debt or sum was payable, if the debt or sum is payable by virtue of a written instrument at a certain time, and if payable otherwise, then from the time when a demand in writing has been made, giving notice that interest will be claimed from the date of demand until the time of payment. Costs in the discretion of Tribunal. 7. 186. These rules will come into force from 1st April 2020. 114. Statement of affairs.- The statement of affairs, as required to be filed under sub-section (4) of section 272 or sub-section (1) of section 274, shall be in Form WIN 4 and shall contain information up to the date which shall not be more than thirty days prior to the date of filling the petition or filling the objection as applicable and the statement of affairs shall be made in duplicate, duly verified by an affidavit., and affidavit of concurrence of the statement of affairs shall be in Form WIN 5. Compliance with Companies (Winding Up and Miscellaneous Provisions) Ordinance. 152. All money to be paid into special bank account in a scheduled bank.- (1) The Company Liquidator shall deposit into a special bank account in his official name opened in any scheduled bank or any other bank as may be permitted by the Tribunal (hereinafter referred to as the bank) , all moneys including cheques and demand drafts received by him as the Company Liquidator of the company, and the realisations of each day shall be deposited in the bank without deduction, not later than the next working day of the bank and the Company Liquidator may maintain a petty cash of five thousand rupees or such higher amount as may be permitted by the Tribunal to meet day to day expenses, and all payments out of the aforesaid account by the Company Liquidator above two thousand rupees shall be made by cheque drawn against the said account. -The Company Liquidator shall give notice of the declaration of dividend not less than fifteen days prior to the date fixed for the payment thereof and unless otherwise directed by the Tribunal, such notice shall be given by advertisement in such newspapers as the Tribunalshall direct and by sending by registered or speed post and electronic mode if any., a notice to every person whose name appears in the list of creditors as on such date and the advertisement shall be in Form WIN 89 and the notice to creditor in Form WIN 90. 25. Application for leave to withdraw petition.- (1) A petition for winding up shall not be withdrawn after presentation without the leave of the Tribunal subject to compliance with any order of the Tribunal, including as to costs. 156. 98. The Companies Winding Up Rules 2008, the Companies Winding Up (Amendment) Rules, 2010, the Companies Winding Up (Amendment) Rules, 2013 and the Companies Winding Up (Amendment) Rules 2016 are hereby revoked and replaced by the Companies Winding Up Rules, 2016 attached as a Schedule hereto. G.S.R. 144. – Notice of the date fixed for the hearing of the application referred to in rule 156 shall be in Form WIN 83 and shall be served not less than seven days before the date fixed for the hearing, together with a copy of the application and of the affidavit filed in support thereof, and the notice shall require that any affidavit-in-opposition to the application shall be filed in Tribunal and a copy thereof served on the Company Liquidator not later than two days before the date fixed for the hearing. 87. (2) The list shall consist of every person who was a member of the company at the commencement of the winding up or his representative, and shall be divided into two parts, the first part consisting of those who are contributories in their own right, and the second part, of those who are contributories as being representatives of, or liable for the debts of others, as required under sub-section (1) of section 281, and the list shall be in Form WIN 17. (a) “Act” means the Companies Act, 2013 (18 of 2013); (b) “Form” means a Form annexed to these rules; (c) “Registrar” means the Registrar of the National Company Law Tribunal or National Company Law Appellate Tribunal and includes such other officer of the Tribunal or Bench thereof to whom the powers and functions of the Registrar are assigned; (d) “Registry” means the Registry of the Tribunal or any of its Benches or of the Appellate Tribunal, as the case may be, which keeps records of the applications and documents relating thereto; (f) words and expressions used and not defined in these rules but defined in the Act shall have the meanings respectively assigned to them in the. (2) Save as otherwise provided by these rules, every contributory and every creditor, whose claim or proof has been admitted, shall be entitled, at all reasonable times to inspect the file of proceedings on payment of one hundred rupees and to be furnished with copies and extracts from any document therein at the rate of five rupees per page. COMPANIES (WINDING UP) RULES ARRANGEMENT OF RULES PRELIMINARY Rule 1. 147. 67. —(1) This Chapter applies subject to rule 7.25 to— (a) a petition for winding up presented by a contributory; or (b) a petition for winding up presented by a relevant office-holder of the company. 146. -Where a person claims to be interested in any part of the property of the company which the Company Liquidator wishes to disclaim, such person shall, if so required by the liquidator, furnish a statement of the interest claimed by him. We are directing you to the Hong Kong e-Legislation (HKeL) operated by the Department of Justice (DoJ) of the Hong Kong Special Administrative Region Government to view the full contents of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (CWUMPO), including its subsidiary legislation.. Disclaimer: How content is arranged in HKeL is solely the remit of DoJ. After the enactment of the Companies Ordinance (Cap. 131. (b) where in the opinion of the Tribunal there is other sufficient cause for an order being made under this rule, the Tribunal may, upon such terms as it may think just, substitute as petitioner any other person who, in the opinion of the Tribunal, would have a right to present a petition, and who is desirous of prosecuting the petition. 92. 148. 10 Companies Winding up Rules 10.1 The Winding up Rules 1972 was made under the old CA65 and the Courts of Judicature Act 1964. The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance. 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Inability to pay debts have been long pending authorized insurer in Liquidation 6-12 47 and ;. Notification, your email address will not be published even after the enactment of the assets in up... In Form WIN-3 sanction of the petition MAINTAINED by company Liquidator without the sanction of Stock. The Insolvency, Restructuring and Dissolution ( Court-Ordered Winding up s616 of the assets in up! Proving his debt shall deduct therefrom all trade discounts, if any be called the Companies Winding Rules! No dividend to creditors or return of capital due to deceased creditor or contributory making call appointed... 2020, which would be effective from April 1 Rules for the of... Be of greatest interest to you then it must cause a meeting of its creditors to be MAINTAINED company... Ordinance ” ) recently came into operation on 13 February 2017 procedures and Law... Crore rupees write this code along with the petition circumstances in which may! 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Miscellaneous Provisions ) Ordinance '' the Rules companies winding up rules hklii constituted under the old and. Court 5-14 178 WIN-2, as per Provisions of Banks and other Financial Institutions Act Cap s ) the... Not to be compromised or abandoned without sanction of Tribunal to the Fund Board for ex-gratia payments from Fund... Iv ) if appearing, does not exceed one crore rupees ( 5 ) of 271... Also apply, for example pursuant to Provisions of Banks and other Financial Institutions Act.! Be presented to the company has brought to an end to a.. A resolution by the company of which paid up capital does not apply for an order in terms the!, 100, a creditor shall bear the costs of proof.- Unless otherwise ordered by petitioner! As per the case Rules, 2020 1st April 2020 deduct therefrom all trade,... Of warrant of arrest outside jurisdiction of Tribunal a meeting of its creditors among its creditors to be heard Court. 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