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of <h1>Ineffective Solvency Declarations in Voluntary Winding Up if Non-Compliant with Section 488(2.</h1> A circular addresses the issue of voluntary winding up and the declaration of solvency. It clarifies that if a declaration of solvency is filed but does not comply with section 488(2), it is ineffective. Such cases should be handled as per the guidelines in a previous circular dated November 13, 1959. The decision emphasizes that compliance with all relevant provisions is necessary for the declaration to have any legal effect during the voluntary winding up process.
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