https://www.taxtmi.com/acts?id=12890 Directors (or a majority where applicable) may make an affidavit declaring, after full inquiry, that the company has no debts or can pay its debts in full within a specified period not exceeding three years; the declaration must be made within five weeks before the winding-up resolution, delivered to the Registrar before that date, and accompanied by the auditors' report and a balance sheet with a statement of assets and liabilities. A director making a declaration without reasonable grounds faces imprisonment, fine, or both, and failure to pay debts within the specified period gives rise to a presumption that reasonable grounds were lacking. A compliant declaration effects a members' voluntary winding up; absence of one effects a creditors' voluntary winding up. en-us Tue, 17 May 2011 17:37:16 +0530 Tue, 17 May 2011 17:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12890 Directors (or a majority where applicable) may make an affidavit declaring, after full inquiry, that the company has no debts or can pay its debts in full within a specified period not exceeding three years; the declaration must be made within five weeks before the winding-up resolution, delivered to the Registrar before that date, and accompanied by the auditors' report and a balance sheet with a statement of assets and liabilities. A director making a declaration without reasonable grounds faces imprisonment, fine, or both, and failure to pay debts within the specified period gives rise to a presumption that reasonable grounds were lacking. A compliant declaration effects a members' voluntary winding up; absence of one effects a creditors' voluntary winding up. Act-Rules Companies Law Tue, 17 May 2011 17:37:16 +0530 https://www.taxtmi.com/acts?id=12890