Company liquidator may accept shares or arrange member participation subject to special resolution and secured creditor consent. Section 319 was omitted. Previously, for voluntary winding up transfers to a transferee company the Company Liquidator could, with a special resolution, accept shares or similar interests as consideration or provide for member participation in the transferee company; such arrangements required secured creditor consent and were binding. Dissenting members who did not support the special resolution and who delivered written dissent within seven days could require the liquidator to abstain or to purchase their interest; purchase price was by agreement or registered valuer and purchase funds raised and paid before dissolution.
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.
Company liquidator may accept shares or arrange member participation subject to special resolution and secured creditor consent.
Section 319 was omitted. Previously, for voluntary winding up transfers to a transferee company the Company Liquidator could, with a special resolution, accept shares or similar interests as consideration or provide for member participation in the transferee company; such arrangements required secured creditor consent and were binding. Dissenting members who did not support the special resolution and who delivered written dissent within seven days could require the liquidator to abstain or to purchase their interest; purchase price was by agreement or registered valuer and purchase funds raised and paid before dissolution.
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