Tag Archives | Liquidation

Powers and Duties of a Liquidator | Company

In this article we will discuss about the powers and duties of a liquidator of a company. Also you will learn about the order of payment by a liquidator. Powers of Liquidator: Subject to certain legal provisions and adherence to certain procedures the powers of a liquidator are broadly enumerated as follows: (1) He can […]

Distribution of Surplus by Liquidator | Company

When all the liabilities are paid by the Liquidator and even then some amount remains in balance with him, he distributes this balance called surplus among the shareholders of the company. The following guidelines are as follows: (1) Surplus is to be distributed as per the provisions of the Memorandum of Association and Articles of […]

Liquidator’s Statement of Affairs | Company

In this article we will discuss about the accounting treatment for liquidator’s statement of affairs, explained with the help of a suitable illustrations. Statement of Affairs to be made to Official Liquidator: As per Section 454 of the Companies Act, the Officers or Directors of the Company under winding up order, must make out and […]

Liquidation of Companies | Accounting

In this article we will discuss about:- 1. Meaning of Liquidation 2. Liquidation and Insolvency 3. Consequences of Winding Up. Meaning of Liquidation: The word ‘Liquidation’ has not been used anywhere in the Companies Act, 1956. It is the word ‘winding up’ which has been used in this Act. By winding up of a Company, […]

Liquidation of Companies: Top 10 Problems (With Solutions)

Are you looking for problems and solutions on liquidation of companies? You are in the right place! In this article we have compiled top ten problems on liquidation of companies along with its relevant solutions. Contents: Preparation of Statement of Affairs to the Meeting of Creditors Preparation of Statement of Affairs to the Meeting of […]

Winding up by National Company Law Tribunals

In this article we will discuss about the Winding up by National Company Law Tribunals:- 1. Grounds for Compulsory Winding Up 2. Who may Petition 3. Procedure for Winding up 4. Voluntary Winding up 5. Members’ Voluntary Winding up 6. Creditors’ Voluntary Winding up 7. Consequences of Winding up Generally 8. Preferential Payments 9. Overriding […]

Liquidator’s Final Statement of Account

The liquidator’s task is to realise the assets and disburse the amounts among those who have a rightful claim to it; in every case the liquidator has to prepare a statement showing how much he realised and how the amount was distributed. The following is the order in which disbursements will be made by the […]

Statement of Affairs under Liquidation

The officers and directors of a company under liquidation must, according to section 454 read with section 511 A, make out and submit, within 21 days of the Tribunal’s order (or within such extended time, not exceeding 3 months, as the liquidator or the Tribunal may allow), a statement showing the following:— (a) The assets […]

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