The modes of winding up may be discussed under the following three heads, namely:- 1. Compulsory winding up by the court. 2. Voluntary winding up without the intervention of the court. 3. Voluntary winding up with the intervention of the court i.e., under the supervision of the court. Mode # 1. Compulsory Winding Up by the Court: Winding up of [...]
The below mentioned article provides a brief note on contributories, explained with the help of suitable illustrations. Meaning of Contributories: According to Section 428 of the Companies Act, 1956, a contributory is "every person liable to contribute to the assets of a company in the event of its being wound up, and includes a holder of fully paid-up shares, and [...]
The winding-up or liquidation of a company means the termination of the legal existence of a company by stopping its business. Under the circumstances, the assets of the company are disposed of, the debts are paid-off out of the realised assets or from the contributions made by its members, and the surplus, if any, is distributed among the members of [...]