https://www.taxtmi.com/caselaws?id=98797 A declaration of solvency in a members' voluntary winding up is not invalid merely because the accompanying statement of assets and liabilities later proves to contain an omission or error. The court construed the statutory phrase in context and held that section 283(2)(b) does not demand absolute perfection or complete accuracy; it is sufficient if the statement is fairly and reasonably describable as one of assets and liabilities. That interpretation was supported by the surrounding winding-up provisions, the liquidator's duties if insolvency emerges, the prescribed form of the declaration, and the penal consequences that would follow a rigid reading. The claim based on alleged omission of a material liability therefore failed. en-us Thu, 19 Nov 1970 00:00:00 +0530 Tue, 24 Jan 2012 10:56:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98797 A declaration of solvency in a members' voluntary winding up is not invalid merely because the accompanying statement of assets and liabilities later proves to contain an omission or error. The court construed the statutory phrase in context and held that section 283(2)(b) does not demand absolute perfection or complete accuracy; it is sufficient if the statement is fairly and reasonably describable as one of assets and liabilities. That interpretation was supported by the surrounding winding-up provisions, the liquidator's duties if insolvency emerges, the prescribed form of the declaration, and the penal consequences that would follow a rigid reading. The claim based on alleged omission of a material liability therefore failed. Case-Laws Companies Law Thu, 19 Nov 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98797