Void transfers: company assignments of all assets to trustees for benefit of all creditors are ineffective in winding up. Clause 330 provides that any transfer or assignment by a company of all its properties or assets to trustees for the benefit of all its creditors shall be ... Summary
Void transfers: company assignments of all assets to trustees for benefit of all creditors are ineffective in winding up.
Clause 330 provides that any transfer or assignment by a company of all its properties or assets to trustees for the benefit of all its creditors shall be void, nullifying wholesale conveyances of a company's estate into trusteeship intended for the collective advantage of creditors and applying among provisions relevant to every mode of winding up.
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