PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Creditor voting majority determines resolution adoption; creditor voting value set by books or proved claim. Resolution adoption at a creditors' meeting requires a majority in value of creditors present and voting, in person or by proxy. In a tribunal winding up, a creditor's value at the first meeting is the lesser of the amount shown in the company's books and the amount in the creditor's proof; for other meetings the value is the amount for which the creditor has proved the debt or claim.
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.
Creditor voting majority determines resolution adoption; creditor voting value set by books or proved claim.
Resolution adoption at a creditors' meeting requires a majority in value of creditors present and voting, in person or by proxy. In a tribunal winding up, a creditor's value at the first meeting is the lesser of the amount shown in the company's books and the amount in the creditor's proof; for other meetings the value is the amount for which the creditor has proved the debt or claim.
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