You are expected to undertake about 180 hours of study (including assessment preparation) per module, and about 400 hours for the dissertation. degree in India for the sophisticated lawyers of tomorrow. There are other statutory preferential payments for taxes, revenues and cesses, wages or salary for past due prior to winding up or for period not exceeding 4 months when there is a continuing employment for the beneficial winding up and for provident fund, pension and other claims as stipulated under Section 530 of the Companies Act. Hold the general meeting and pass the ordinary resolution by ordinary majority or special resolution by 3/4th majority for winding up as the case may be. . DISSERTATION 5th& 6th CHAPTERS Submitted by: JISHNU.M.L Roll No. The creditor has a right within 21 days of the date of the decision to appeal to the company court. It may order a public examination of any person connected with the promotion or formation of the company or any officer connected with the company. The creditors may appoint a Committee of Inspection consisting of not more than 5 creditors in order to regulate and supervise the winding up proceedings. About the LLM Corporate and Insolvency Law. A company may be wound up by the Tribunal in the below mentioned cases: (a) if the company has, by special resolution, resolved that the company be wound up by the Tribunal, (b) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting, (c) if the company does not commence its business within 1 year from its incorporation, or suspends its business for a whole year, (d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two, (e) if the company is unable to pay its debts, (f) if the Tribunal is of the opinion that it is just and equitable that the company should be wound up, (g) if the company has made a default in filing with the Registrar its balance sheet and profit and loss account or annual return for any five consecutive financial years, (h) if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality, Provided that the Tribunal shall make an order for winding up of a company under clause (h) on application made by the Central Government or a State Government if the Tribunal is of the opinion that the company should be wound up under the circumstances specified in section 424G, The company which proposes to proceed for voluntary winding up its affairs is required to comply with the following procedure for effective voluntary winding up:â. This thesis provides a comparative analysis of the problems of fraud and the abuse of the corporate form under UK and Nigerian company laws. Insolvency proceedings by the company court are quite effective though the detailed procedures of insolvency are too time consuming and need to be shortened. The shares transfers made after the commencement of winding up can be avoided. The powers of the directors continue to the extent to which they are allowed by the liquidator. The program also covers white collar crimes, corporate scams, corporate criminal liability, and more. corporate insolvency. If a claim for liquidated damages or unliquidated claim for damages is pending then a suit of such a nature can be required to be continued by the Company Court and upon adjudication the judgement debt would be admitted as a claim against the company. If a person fails without reasonable excuse to make such a statement of affairs, he should be punished with imprisonment for a term which may extend to two years or with fine of Rs.100 per day. When an event on the happening of which the company is to be dissolved as per its articles happens. To sell the immovable and movable property and actionable claims of the company by public auction or private contract, with power to transfer the whole thereof to any person or body corporate, or to sell the same in parcels; To raise the money on the security of the assets of the company any money requisite. A comparative analysis of piercing the corporate veil in English Law and ... (IQFs) as consumer products is the subject of this dissertation. 5.6. This is particularly true for law students – any issue tackled in a law dissertation should be framed carefully, and facts have to be examined meticulously before any dissertation question can be framed. Submit to the liquidator a statement on the company's affairs in the prescribed form in duplicate, duly verified in e-Form 58 within 21 days from the commencement of winding up. To do all such other things as may be necessary for winding up the affairs of the company and distributing its assets. A person who obtains the said order of the Court/Tribunal shall file the certified copy of the Court/Tribunal's order with the Registrar in the e-Form 21 electronically within 30 days or such further time as may be allowed by the Court/Tribunal after paying the requisite fee prescribed under Schedule X to of the Companies Act, 1956 in the prescribed manner. This thesis is an examination of directors duties and liabilities in the event of "0, insolvency in England including Wales and the US. 15th June, 2017) Guidelines- Insolvency Professionals to act as IRP (Recommendation) It may determine the remuneration of the liquidator when the Official Liquidator is appointed as a liquidator, It may amend, vary, confirm or set aside the arrangement entered into between a company and its creditors on an appeal made by any creditor or contributory within 3 weeks of the completion of the arrangement. This same principle is embodied in the company court rules. Although the two methods can be categorised as corporate rescue mechanisms, schemes of arrangement and compromises are primarily designed for internal restructuring and reorganisation of the debtor. 30 Most Incredibly Effective Law Dissertation Topics . Our Centre for Business and Insolvency Law has links with a number of international agencies including INSOL International, the Insolvency Service and the World Bank. [Section 497(5)]. program by Jindal Global Law School. As explained above in relation to corporate insolvency the official liquidator as an officer of the court or the court receiver as an officer of the court are dealing with insolvency related procedures. They seek to transplant the corporate rescue model of either the United States or of England and Wales into the Nigerian insolvency system. Under the abovementioned clauses, before a corporate can be sent to liquidation, it must be "unable to pay its debts". But he must first of all establish that there is a debt owed and secondly, must satisfy the court that the company is unable to pay the same, several creditors can also join hands in filing a winding up petition but not when their causes of action are different. An almost similar legal restriction is found in Section 17 of the Presidency Towns Insolvency Act and Section 28(2) of the Provincial Insolvency act, imposing a ban on creditors, to whom the insolvent is indebted, from commencing any suit or other legal proceeding against the property of the insolvent in respect of the debt except with the leave of the Insolvency Court. The creditors can also petition the Company Court or the Official Liquidator to take custody of the companyâs properties and to prevent fraudulent actions on the part of persons presently in management or the former directors. Capital Markets Act in Kenya: Deregulation of the Financial Services Sector and Consequence on Consumer Protection. Corporate tax avoidance is indeed an organized hypocrisy. The Creditors are permitted to render assistance to the court if they are secured creditors for seeking administrative directions from the Court for the receiver. [Section 485(1)]. Administration of Insolvency Procedures Generally, 5.11. Well, in addition to implementing the strategies mentioned above, here is a substantial list of some of the most interesting and effective law dissertation topics to work on. Corporate Insolvency Law: ... Dissertation: This is a mandatory program in which the choice of topic and title shall be approved by the JGLS Dissertation Committee. It may appoint the Official Liquidator or any other person as liquidator where the appointed liquidator is not acting. The creditor is liable to produce any negotiable instruments on the basis of which its claims are filed. 14th June, 2017) The Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017 (w.e.f. Inability to pay its debts would be a case like, where a companyâs entire capital was lost in heavy losses and no accounts were prepared and filed and no business was done for one year, the Registrar had fully made out a case of inability to pay debts. 2. Analysis Of The Corporate Insolvency Laws Law Company Business Partnership Essay. Any attachments, distress or execution put without the leave of the court against the estate of the company after the commencement of winding up or any sale without the leave of the court of any property or effects of the company after such commencement is void under Section 537 of the Companies Act. Transform your career with an LL.M. The provisions of sections 426 to 432, 452, 487, 491, 511, 511A, 512, 514, 515, 517 to 520, 528 to 549 and 553 to 556 and the prescribed forms and Rules of the Companies (Court) Rules, 1959, should also be noted in this respect. Foremost insolvency practitioners are agitating for the reform of the Nigerian corporate insolvency law, and in particular, its rescue system. [Section 484(1)], Confirm that a body corporate is not appointed as a liquidator. The post contains the list of business law dissertation topics you can choose do your research on. A Practitioner’s Approach to Competition Law in India: Learn about the Competition Act of 2002 and apply the regulations in the current scenario. File the special resolution mentioned in item 32 with the concerned Registrar within thirty days of passing in the e-Form 23 electronically after paying the requisite fee prescribed under Schedule X to the Companies Act, 1956 in the prescribed manner. It may set aside any attachment, distress or execution started against the assets of the company after the commencement of the winding up on such terms as it thinks fit on an application made by the liquidator, creditor or contributory if the Court thinks fit. 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