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SEMESTER WINDING
KALIM
UP A
SHAHAB 9TH COMPANY
MERCANTILE LAW
Winding up of a
company
DEFINITION
COMPULSORY WINDING UP
MEMBERS
VOLUNTARY WINDING UP
CREDITORS
WINDING UP UNDER THE
SUPERVISON OF THE COURT
MODES OF WINDING UP
A. COMPULSORY WINDING UP BY COURT:
two things must be shown before the court will make a winding
order on petition.
I. That the petitioner had the right a present the petition.
II. That on the ground set out in the act as justifying.
Section 305 of the companies ordinance that a company may be wound
up by the court on the following grounds are there:
1. If the company has, by special resolution, resolved that the company
should be wound up by the court.
MODES OF WINDING UP
1. ORDINARY RESOLUTION:
it is passed when the AOA provides that the co is
wound up when the specified period elapsed.
2. SPECIAL RESOLUTION:
it requires no ground for winding up and is used in
any other case such as a solvent liquidator.
TYPES OF VOLUNTARY WINDING UP