AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
1940 (5) TMI 15
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd up voluntarily if the company resolves by special resolution that the company be wound up voluntarily. section 207 provides that where it is proposed to wind up a company voluntarily and a declaration has been made and delivered in accordance with the section it is referred to in this Act as a "members' voluntary winding up" but where no such declaration has been made it is referred to as a "cr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....and every officer of the company shall be liable to fines. Bat no specific provision is made with regard to what is to happen to the winding-up in such circumstances. Under the analogous section of the English Companies Act, 1929, according to a note in the Hailsham edition of Halsbury's Laws of England at p. 761 : "Where such oversight has occurred in some cases applications have been made to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....creditors of the company and the estimated amount of their claims to be laid before such meeting of creditors, and the directors of the company shall appoint one of their number to preside at the said meeting. At such meeting the creditors will consider the question of nomination of a liquidator under the provision of section 209-B, and the appointment of a committee of inspection under section 20....