Question Tag: Official Liquidation

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  • 4 Marks

BCL – May 2017 – L1 – Q5b – Types of capital and the financing of companies

List the stages involved in official or compulsory liquidation.

b) List the stages involved in official or compulsory liquidation. (4 marks)

  • Conversion from a private liquidation
  • Special resolution
  • Petition addressed to the Registrar
  • Petition to the Court

(4 points for 4 marks)

  • 6 Marks

BCL – Nov 2018 – L1 – Q7a – Legal Implications Relating to Companies in Difficulty or in Crisis

State the procedures to convert a private liquidation into an official liquidation.

State THREE (3) procedures to adopt in converting private liquidation to official liquidation. (6 marks)

  • On notice being given by the liquidator under private liquidation to the Registrar (of Companies) that the company may not be able to pay its debts and liabilities in full within the period stated in the declaration of insolvency, the Registrar may make a winding-up order converting the private liquidation into an official winding-up.
  • The allegation that the Company is unable to pay its debts in full within the stated period shall be accompanied by a statement in the prescribed form of the company’s assets and liabilities.
  • On the commencement of winding-up proceedings against a company, civil proceedings against the company shall be stayed, and a transfer of shares of the company is void.
    (Section 5 of the Bodies Corporate (Official Liquidations) Act, 1963 ACT 180)
    (3 points @ 2 marks each = 6 marks)

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