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items reducing the deficititems reducing the deficit would includea profits from tradingb estimated profit on the realisation
the deficiency accountpurpose of deficiency accountthe purpose of the deficiency account is to explain the deficit shown on the statement of affairs
the statement of affairsthe statement of affairs sets outa the various assets of the debtor at the values they are expected to realiseb the creditors
preferential debtsthese are almost the same as in bankruptcy with the addition that any person who has advanced money for the payment of wages has
distribution of assets1 proof of debtsif the company is insolvent the rules in bankruptcy as to provable debts secured creditors interests mutual
disclaimerthe liquidator may disclaim onerous property consisting of1 land burdened with onerous covenants2 stocks and
realisation of assets1 divisible propertythe ownership of the companys property does not vest in the liquidator unless the court makes a vesting
winding up under supervisionvirtually obsolete in consequence of s303 and the power to invoke the courts assistance under s301 if a supervision order
conversion of members to creditors winding upif the liquidator in a members winding up forms the opinion that the company will not be able to pay its
creditors voluntary winding up if no declaration of solvency is filed the winding up must take place under the control of the creditors1
members voluntary winding upthe company may be wound up by the members themselves without reference to the creditors if the company is solvent1
effect of resolutionthe consequences of the resolution to wind up are1 the company must cease to carry on its business except so far as is necessary
resolution for voluntary winding upa company may be put into voluntary liquidation1 by ordinary resolution where any period fixed for the duration of
defunct companiesa company may be dissolved under s338 without winding up if the registrar has reasonable cause to believe it is defunct the
dissolutionif the winding up continues for more than a year the liquidator must file progress reports with the registrar at such intervals as the
appointment of liquidatorthe liquidator is appointed by the court after the above meetings have been held if the meetings do not agree the court must
procedure after winding-up order1 a copy of the order must be filed by the company with the registrar s2272 the company must deliver a statement of
effect of winding-up orderthe consequences of a winding-up order are1 any disposition of the companys property and any transfer of shares is void
persons who may petitiona petition may be presented by any of the followinga creditora creditor may petition if his debt exceeds shs 1000 and is
grounds for compulsory winding upa company may be wound up by the court under s219 if1 the company so resolves by special resolution2 default is made
liquidation of companiesa methods of winding upa company may be wound upby the court voluntarily either as a members or a creditors winding up or
static balancing this balancing is complete in the plane of unbalancedynamic balancing in this case two balance planes are needed because forces
receiver necessary statementthe receiver may if necessary require the statement to be submitted bypast or present officers of the companypersons who
receiver appointed by courtif appointed by the court the receiver must give security as directed by the courtthe following notification must be
effects of the appointment of the receiverfloating charges these crystallise on the appointment of a receiver and become fixed on the assets then in