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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 533: Liabilities and Rights of Fraudulently Preferred Individuals in Company Winding-Up Cases Explained</h1> Section 533 of the Companies Act, 1956, addresses the liabilities and rights of individuals who are fraudulently preferred in the event of a company's winding up. If an action is deemed a fraudulent preference under Section 531, the preferred person is treated as if they are personally liable as a surety for the company's debt, limited to the value of the mortgage or their interest. The value is assessed at the transaction date, free of other encumbrances. The Tribunal can resolve disputes and grant relief regarding such payments or transactions, allowing the inclusion of sureties or guarantors as third parties.
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