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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Dividends to creditors and return of capital in winding-up require prior Tribunal sanction, limiting liquidator payouts without approval</h1> No dividend to creditors or return of capital to contributories may be declared by the Company Liquidator in a winding up by Tribunal unless the Tribunal sanctions such declaration. The operative effect is to condition any distribution of the company's assets by way of dividend or return of capital on prior Tribunal approval, restricting the liquidator from making payouts without judicial sanction.
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