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.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
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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