1984 Ed.]
Companies
[CAP. 32
223
...
(8) In relation to every winding up commenced under this section-
(a) section 241 shall apply to a meeting of the creditors of the company summoned under this section as it applies to a meeting of the creditors of a company summoned under that section except that--
(i) for the words "at which the resolution for voluntary winding up is to be proposed” in subsection (1) of that section there shall be substituted the words "of the company":
(ii) subsection (5) of that section shall be omitted:
(b) subject to paragraph (a), sections 241 to 248 shall apply as they apply in relation to a creditors' voluntary winding up. (Added, 6 of 1984, s. 161)
229. (1) When a company has passed a resolution for voluntary winding up, it shall, within 14 days after the passing of the resolution, give notice of the resolution by advertisement in the Gazette. (Amended, 1 of 1949, s. 16 and 15 of 1955, s. 6)
(2) If default is made in complying with this section, the company and every officer of the company who is in default shall be liable to a default fine, and for the purposes of this subsection the liquidator of the company shall be deemed to be an officer of the company.
230. A voluntary winding up shall be deemed to commence at the time of the passing of the resolution for voluntary winding up.
Consequences of Voluntary Winding Up
231. In case of a voluntary winding up, the company shall, from the commencement of the winding up, cease to carry on its business, except so far as may be required for the beneficial winding up thereof:
Provided that the corporate state and corporate powers of the company shall, notwithstanding anything to the contrary in its articles, continue until it is dissolved.
232. Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the members of the company, made after the commencement of a voluntary winding up, shall be void.
Declaration of Solvency
233. (1) Where it is proposed to wind up a company voluntarily, the directors of the company or, in the case of a company having more than 2 directors, the majority of the directors, may at a meeting of the directors make a statutory declaration to the effect that they have made a full inquiry into the affairs of the company, and that, having so done, they have formed the opinion that the
Notice of resolution to wind up voluntarily.
1929 c. 23, s. 226
Commencement of voluntary winding up.
1929 c. 23, s. 227.
Effect of voluntary winding up on business and status of company. 1929 c. 23, s. 228.
Avoidance of transfers, &c., after commencement of voluntary winding up.
1929 c. 23, s. 229.
Statutory declaration of solvency in case of proposal to wind up voluntarily. 1948 c. 38, s. 283.
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