The registrar of the CAC will approve the procedure once it is shown that all documents filed with the CAC are in accordance with the act.
For creditors’ voluntary winding up, after a meeting of the creditors, a liquidator is nominated to liquidate the company’s assets.
356 (2006), is a United States Supreme Court case holding that the Bankruptcy Clause of the Constitution abrogates state sovereign immunity. Wallace's Bookstores did business with Central Virginia Community College, an arm of the state. The Court first noted that during the time the Articles of Confederation were in effect, states often did not recognize another state's discharge of a person's debt.
In an opinion by Justice Stevens, the Court rejected the state's claim of sovereign immunity.
The liquidator’s powers and responsibilities include: What is the extent of the court’s involvement in liquidation procedures?
During a liquidation procedure, the courts are greatly involved and have significant powers.
In coming to its conclusion, the Court declined to follow dicta in Seminole Tribe v. Justice Thomas, writing for three other justices, argued the historical record indicated states did not give up their sovereign immunity under the Bankruptcy Clause.
It is significant as the only case allowing Congress to use an Article I power to authorize individuals to sue states. Katz came up for review, a majority of the justices on the Supreme Court had suggested Congress could never authorize individuals to sue a state pursuant to its Article I powers, including the Bankruptcy power. While it was insolvent, Wallace's Bookstores made certain preferential transfers of property to the state to satisfy debts. This patchwork of bankruptcy laws made it difficult for people in debt to get out of debtors' prison.What is the typical timeframe for completion of liquidation procedures? How is the liquidator appointed and what is the extent of his or her powers and responsibilities?Under Section 422 of the Companies and Allied Matters Act, the liquidator is appointed by the court.Section 401 of the Companies and Allied Matters Act provides the three major procedures used to liquidate (also known as winding up) an insolvent company in Nigeria: This occurs where a company passes a resolution to wind up the company and makes a petition to the court to supervise the process.The court may order the company to be wound up subject to its supervision and provide creditors, contributories and others with the right to apply to the court.