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CSP: Q4 - Coggle Diagram
CSP: Q4
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COMPULSORY WINDING UP
Circumstances
Inability to pay debt
Comp fail to make action until the end of the period: creditor can file a winding-up petition in the court - must be filed within 6 months after the end of the period
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Procedures
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2) Court review the petition & schedules a hearing to determine whether to grant the winding-up order
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4) Winding-up order is advertised in government gazette & local newspapers - to inform creditors & public
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6) Liquidator takes control of the company’s affairs - sells assets, settles debts
7) After paying off the debts, any remaining assets are distributed to the shareholders
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