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Depending upon the type of the liquidation, the liquidator may be removed by the court, by a general meeting of the members or by a general meeting of the creditors. [11] The court may also remove a liquidator and appoint another if there is "cause shown" by the applicant for his removal.
Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
The directors and shareholders can instigate the liquidation process without court involvement by a shareholder resolution and the appointment of a licensed Insolvency Practitioner as liquidator. However, the liquidation will not be effective legally without the convening of a meeting of creditors who have the opportunity to appoint a ...
The court may appoint an official receiver, and one or more liquidators, and has general powers to enable rights and liabilities of claimants and contributories to be settled. Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and possibly of a supervisory liquidation committee.
The Tamil Nadu Municipal Councils (Appointment of Special Officers) Act, 1976; The Tamil Nadu Municipal Councils (Appointment of Special Officers) Act, 1991; The Tamil Nadu Municipal Police Act, 1878; The Tamil Nadu Nambudri Act, 1932; The Tamil Nadu New Year (Declaration) Act, 2008; The Tamil Nadu Non-Trading Companies Act, 1972
As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States.It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business.
An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of ...
The local administration under the department consists of 15 municipal corporations, 121 municipalities and 528 town panchayats. [2] [3] Greater Chennai Corporation, established in 1688, is the second oldest in the world and Tamil Nadu was the first state to establish town panchayats as a new administrative unit.