https://www.taxtmi.com/acts?id=17602 Directors proposing voluntary winding up had to make a verified declaration of solvency after a full inquiry, affirming the company could pay its debts from asset realisation; the declaration was valid only if made within five weeks before the winding up resolution, registered before that date, declared non fraudulent intent, and was accompanied by the auditors' report and, where relevant, a registered valuer's asset report. If winding up occurred within five weeks and debts were unpaid, a rebuttable presumption arose that directors lacked reasonable grounds; making a declaration without reasonable grounds attracted criminal liability and penal sanctions. en-us Sat, 02 Mar 2013 15:17:55 +0530 Fri, 12 Dec 2025 17:04:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17602 Directors proposing voluntary winding up had to make a verified declaration of solvency after a full inquiry, affirming the company could pay its debts from asset realisation; the declaration was valid only if made within five weeks before the winding up resolution, registered before that date, declared non fraudulent intent, and was accompanied by the auditors' report and, where relevant, a registered valuer's asset report. If winding up occurred within five weeks and debts were unpaid, a rebuttable presumption arose that directors lacked reasonable grounds; making a declaration without reasonable grounds attracted criminal liability and penal sanctions. Act-Rules Companies Law Sat, 02 Mar 2013 15:17:55 +0530 https://www.taxtmi.com/acts?id=17602