(2) The quorum for a meeting of the advisory committee shall be one-third of the total number of the members, or two, whichever is higher. 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. (6) The provisional liquidator or the Company Liquidator, as the case may be shall be appointed by the Tribunal from amongst the insolvency professionals registered under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) unless the official liquidator is appointed. 78. The Ministry of Corporate Affairs, Government of India vide its Notification dated January 24, 2020, has notified the Companies (Winding Up) Rules, 2020 ("Rules").These Rules are set to take effect from April 1, 2020 and lay down the procedure for winding up on grounds other than inability to pay debts prescribed under Section 271 of the Companies … 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. 12. 117. Company Liquidator to examine accounts for purposes of investment.- The Company Liquidator shall, at the end of every month, examine account of liquidation to ascertain what moneys are available for investment, and shall make an entry at the end of every month in the record book relating to the company of his having examined the account for the purpose and of the decision taken by him regarding the investment, and in case he decides not to invest any surplus funds, the reasons for such decision. (1) After the admission of a petition for the winding up of a company by the Tribunal, and upon proof by affidavit of sufficient ground for the appointment of a provisional liquidator, the Tribunal, if it thinks fit, and upon such terms and conditions as in the opinion of the Tribunal shall be just and necessary, may appoint a provisional liquidator of the company, pending final orders on the winding up petition, in pursuance of clause (c) of sub-section (1) of section 273, and where the company is not the applicant, notice of the application for appointment of provisional liquidator shall be given to the company in Form WIN 7 and the company shall be given a reasonable opportunity to make its representation unless the Tribunal, for reasons to be recorded in writing, dispenses with such notice. 'H¿QLWLRQRILQDELOLW\WRSD\GHEWV 5-20 6XEGLYLVLRQ ²3HWLWLRQIRU:LQGLQJ8S DQGLWV(IIHFWV 179. REGISTERS AND BOOKS OF ACCOUNT TO BE MAINTAINED BY MCA releases Companies (Winding Up) Rules, 2020. XBRL (Extensive Business Reporting Language) – Companies Act 2013 -FAQs, MCA extends last date of filing Form CRA-4 extended to 31.12.2020, Join Certification Courses on GST, Customs & FTP and Income Tax, No Bail to person accused of floating bogus firms in alleged GST Evasion case, Private financial institutions performing public duties cannot be treated as ‘State’, CENVAT Credit eligible on Sales Commission, ITAT allows credit of taxes paid in UK for remuneration received in UK, Assessment u/s 153C cannot be made in absence of incriminating documents discovered during search, CBIC revokes ADD on imports of Nylon Tyre Cord Fabric from China, CBIC notifies Rate of Exchange of Foreign Currencies wef 03.12.2020, IRDAI informs public on revision in Health Insurance Premium, Pension Adalat 2020 – IncomeTax Office Kerala Through Video Conference, All States except Jharkhand choose Option-1 to meet GST implementation shortfall, Due Date Compliance Calendar December 2020, Statutory and Tax Compliance Calendar for December, 2020, Extension of date of Filing of Accounts to Charity Commissioner in Maharashtra, Show Cause Notices to Taxpayers Under GST Act Mandatory to Upload on Website â Mere E-Mail is not Suffice, New GST Return Scheme for Small Taxpayers. 68 to 252 of the Notification, Your email address will not be published. 2. (2) They shall come into force on the 1st day of April, 2020. 76. S 607/2020); “filed” means filed in the Court; “Form” means a form set out in the First Schedule, and a form referred to by a number (where such number may include … (3) The Tribunal, on receiving an application under sub-rule (2), shall by an order, direct such promoters, key managerial personnel or other person (including contractual counter party, supplier, service provider or auditor) –, (a) to provide the information requested by the liquidator; and. 20. 166. -Dividends and returns of capital may, at the request and risk and cost of the person to whom they are payable, be transmitted to him by money order, or to his bank account through electronic means as may be appropriate. Form 4 of the Companies (Winding-up) Rules is the standard from of the advertisement (you can search the sample of Form 4 here). – No dividend to creditors or return of capital to contributories shall be declared by the Company Liquidator without the sanction of the Tribunal. Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account.- An application under sub-section (6) of section 352 by any person claiming to be entitled to any money paid into the Company Liquidation Dividend and Undistributed Assets Account for payment of such money shall state whether the applicant had made an application to the Central Government for the payment, and, if so, the result of the application. 150. 174. – Where property forming part of a company’s assets is sold by the Company Liquidator through an auctioneer or other agent, the gross proceeds of the sale shall, unless, the Tribunal otherwise orders, be paid over to the liquidator by such auctioneer or agent and the charges and expenses connected with the sale shall afterwards be paid to such auctioneer or agent in accordance with the scales, if any, fixed by the Tribunal. COMPANIES (WINDING UP) RULES ARRANGEMENT OF RULES PRELIMINARY Rule 1. Application for disclaimer. We would like to show you a description here but the site won’t allow us. Jurisdiction to wind up companies 5-14 Subdivision 2 Cases in which Company may be Wound Up by Court 177. (3) Where the creditors or contributories, as the case may be, fail to fill the vacancy for whatever reason, the Company Liquidator shall forthwith report such failure to the Tribunal and Tribunal may, by order, fill such vacancy. Companies Ordinance (Cap 622) ... Companies (Winding-up) Rules (Cap 32H) (HK) Online version through: Hong Kong e-Legislation. A practical guide for any creditor seeking to have a company registered in England and Wales wound up (also known as put into compulsory liquidation) on the grounds that the company is unable to pay its debts, under section 122(1)(f) of the Insolvency Act 1986. … 177. Registers and books to be maintained by Company Liquidator.- (1) The Company Liquidator shall maintain the following books of accounts, so far as may be applicable, in respect of the company under winding up: (a) Register of Liquidations in Form WIN 38 A; (c) Company’s Cash Book in Form WIN 38 C; (e) Cashier’s Cash Book in Form WIN 38 E; (h) Securities and Investment Register in Form WIN 38 H; (i) Register of Book Debts and Outstanding’s in Form WIN 38 -I; (n) Register of Claims and Dividends in Form WIN 38 N; (p) Dividends Paid Register in Form WIN 38 P; (t) Register of unclaimed dividends and undistributed assets, deposited into the companies liquidation account in the Bank, in Form WIN 38T. (7) For the purposes of section 363, the creditors of the company shall prove their claim in the manner as provided under rules 100 to 125, with the modification and directions by Central Government as mentioned in sub-rule (4). 93. No. – After the affairs of the company have been fully wound up and final accounts thereof are audited, the Company Liquidator shall apply to the Tribunal within ten days along with audited final accounts and auditors certificate thereon for orders as to the dissolution of the company. 48. Notice of meeting.- (1) The Company Liquidator shall summon meetings of creditors and contributories by giving not less than fourteen days’ notice by sending individually to every creditor of the company a notice of the meeting of creditors, and to every contributory of the company a notice of the meeting of contributories, by sending notice by registered post or speed post or by electronic means so as to reach such person in not less than fourteen days before the date fixed for the meeting: Provided that where the number of creditors or contributories, as the case may be, exceeds five hundred, the Company Liquidator shall also give a fourteen days’ notice of the time and place appointed for the meeting by advertisement in one daily newspaper in the English language and one daily newspaper in the principal regional language circulating in the State or Union territory concerned. 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. Welcome to HKLII. 183. Liberty to apply for further directions. 35. 137. Winding-up in Nigeria is primarily governed by the Companies and Allied Matters Act Cap. Bill of costs by authorised representative, etc. Proof of debt.- (1) In a winding up by the Tribunal, every creditor shall, subject as hereinafter provided, prove his debt, unless the Tribunal in any particular case directs that any creditors or class of creditors shall be admitted without proof. Case in which creditors may not vote.- A creditor shall not vote in respect of any unliquidated or contingent debt or any debt, value of which is not ascertained, nor shall a creditor vote in respect of any debt secured by a current bill of exchange or promissory note held by him unless he is willing to treat liability to him thereon of every person who is liable thereon antecedently to the company, and against whom no order of adjudication has been made, as a security in his hands, and to estimate the value thereof, and for the purposes of voting, but not for purposes of dividend, to deduct it from his proof mentioned above. The relevant provisions of the Companies … Declaration by Company Liquidator.- The declaration by the Company Liquidator regarding disclosing conflict of interest or lack of independence, if any, in respect of his appointment as Company Liquidator as referred to in sub-section (6) of section 275 shall be filed in Form WIN 10 with the Tribunal. 58. 136. Proxies to Company Liquidator or chairman of meeting.- A creditor or contributory in a winding up by the Tribunal may appoint the Company Liquidator or if there is no such liquidator, the chairman of the meeting, to act as his general or special proxy. Title: Companies (Winding up) Rules 1934.tif Author: fsopsdav Created Date: 2/24/2009 11:53:02 AM In the process of winding up, the company’s assets and properties are administered for the benefit of the members and creditors of the Company. Petition for winding up.- (1) For the purposes of sub-section (1) of section 272, a petition for winding up of a company shall be presented in Form WIN 1 or Form WIN 2, as the case may be, with such variations as the circumstances may require, and shall be presented in triplicate. 185. (b) to comply with the instructions of the liquidator and to cooperate with him in collection of information and taking custody of the assets, properties and books of accounts. (2) The notice to each creditor shall be sent to the address given in his proof as referred to in rule 101 or, if he has not so proved, to the address given in the statement of affairs, or, to the address given in the books of the company, or to such other address as may be known to the person summoning the meeting, and the notice to each contributory shall be sent to the address mentioned in the books of the company as the address of such contributory or to such other address as may be known to the person summoning the meeting. 135. 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. 107. Interest. Company Liquidator to be in position of receiver.- For the discharge by the Company Liquidator of the duties imposed by sub-section (1) of section 290, the Company Liquidator shall, for the purpose of acquiring and retaining possession of the property of the company, be in the same position as if he were a Receiver of the property appointed by the Tribunal, and the Tribunal may on his application enforce such acquisition or retention accordingly. Variation of list.- Save as provided in rule 31, the list of contributories shall not be varied, and no person settled on the list as a contributory shall be removed from the list, or his liability in any way varied, .except by order of the Tribunal and in accordance with such order. Directions at preliminary hearing of summons. 1 Citation. Chairman of meeting.- The Company Liquidator or some person nominated by him shall be the Chairman of the meeting and the nomination shall be in Form WIN 32. New Delhi, the 24th January, 2020. HEARING OF WINDING UP APPLICATIONS AND ORDERS, APPOINTMENT OF LIQUIDATOR IN A WINDING UP BY THE COURT, SECURITY BY LIQUIDATOR IN A WINDING UP BY THE COURT, ARRANGEMENT WITH CREDITORS AND CONTRIBUTORIES IN A WINDING UP BY THE COURT, COLLECTION AND DISTRIBUTION OF ASSETS IN A WINDING UP BY THE COURT, LIST OF CONTRIBUTORIES IN A WINDING UP BY THE COURT, ADMISSION AND REJECTION OF PROOFS AND APPEAL TO THE COURT, PAYMENTS INTO AND OUT OF COMPANIES LIQUIDATION ACCOUNT, GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN RELATION TO A WINDING UP BY THE COURT, PROXIES IN RELATION TO A WINDING UP BY THE COURT, AND TO A CREDITORS’ VOLUNTARY WINDING UP, ACCOUNTS AND AUDIT IN A WINDING UP BY THE COURT, STATEMENTS BY LIQUIDATOR TO THE REGISTRAR OF COMPANIES AND OFFICIAL RECEIVER, UNCLAIMED FUNDS AND UNDISTRIBUTED ASSETS IN THE HANDS OF A LIQUIDATOR, OTHER THAN THE OFFICIAL RECEIVER, Select the provisions you wish to print using the checkboxes and then click the relevant "Print". MCA releases Companies (Winding Up) Rules, 2020. Winding Up (Under Companies Act, 2013 and Insolvency And Bankruptcy Code, 2016) Winding up means a proceeding by which a company is dissolved. 139. 171. (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.