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Initiation of Liquidation

Regulation 3 - Regulation - COMMENCEMENT OF LIQUIDATION - Insolvency and Bankruptcy - Regulation 3 - CHAPTER II COMMENCEMENT OF LIQUIDATION 3. (1) Without prejudice to section 59(2), liquidation proceedings of a corporate person shall meet the follow .....

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, verified by an affidavit stating that- (i) they have made a full inquiry into the affairs of the corporate person and they have formed an opinion that either the corporate person has no debt or that it will be able to pay its debts in full from the .....

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statements and record of business operations of the corporate person for the previous two years or for the period since its incorporation, whichever is later; (ii) a report of the valuation of the assets of the corporate person, if any prepared by a .....

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on to be liquidated and appointing an insolvency professional to act as the liquidator; or (ii) a resolution of the partners or contributories, as the case may be, requiring the corporate person to be liquidated as a result of expiry of the period of .....

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fessional to act as the liquidator: Provided that the corporate person owes any debt to any person, creditors representing two-thirds in value of the debt of the corporate person shall approve the resolution passed under sub-clause (c) within seven d .....

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