Final dissolution in liquidation justified when no assets remain and no creditor claims survive after due notice.

Where a company in liquidation has no remaining assets and no creditor claims survive after due notice, final dissolution under Section 481 is justified. The Official Liquidator reported that no assets could be traced at the disclosed locations, one property had already been handed over to the secured claimant after document verification, citations had been published inviting claims, and no creditor came forward. On that basis, the Court found that nothing remained for further adjudication and that liquidation could not serve any further purpose. The company was therefore ordered to stand dissolved, with the Official Liquidator discharged and the liquidation proceedings brought to an end.

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Issues: Whether the company was liable to be finally dissolved under Section 481 on the basis that no assets remained and no creditor claims survived.

Analysis: The Official Liquidator reported that possession efforts had yielded no trace of assets at the company's disclosed locations, one property had already been handed over to the secured claimant after verification of documents, citations were published to invite claims, and no creditor lodged any claim. In these circumstances, there was nothing left for adjudication and the liquidation could not serve any further purpose. Applying the principle governing dissolution after winding up where no assets and no claims remain, the Court found the request for final dissolution to be justified.

Conclusion: The company was ordered to stand dissolved and the Official Liquidator was discharged.

Final Conclusion: The liquidation proceedings were brought to an end by dissolution of the company, with consequential discharge of the Official Liquidator and closure of the company's books.

Ratio Decidendi: Where a company in liquidation has no remaining assets and no creditor claims survive after due notice, the Court may order final dissolution under Section 481.

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