Liquidation is the process in accounting by which a company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as wound-up or dissolved, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.
The legal system of Singapore is based on the English common law system. Major areas of law – particularly administrative law, contract law, equity and trust law, property law and tort law – are largely judge-made, though certain aspects have now been modified to some extent by statutes. However, other areas of law, such as criminal law, company law and family law, are largely statutory in nature.
The Internal Security Act 1960 was a preventive detention law in force in Malaysia. The legislation was enacted after the Federation of Malaya gained independence from Britain in 1957. The ISA allows for detention without trial or criminal charges under limited, legally defined circumstances. On 15 September 2011, the Prime Minister of Malaysia, Najib Razak said that this legislation will be repealed and replaced by two new laws. The ISA was replaced and repealed by the Security Offences Act 2012 which has been passed by Parliament and given the royal assent on 18 June 2012. The Act came into force on 31 July 2012.
The Insolvency Act 1986 is an act of the Parliament of the United Kingdom that provides the legal platform for all matters relating to personal and corporate insolvency in the UK.
A Company secretary is a senior position in the corporate governance of organizations, playing a crucial role in ensuring adherence to statutory and regulatory requirements. This position is integral to the efficient functioning of corporations, particularly in common law jurisdictions. The Company Secretary serves as a guardian of compliance, a facilitator of communication between the board of directors and other stakeholders, and a custodian of corporate records.
The Companies Act 2006 is an act of the Parliament of the United Kingdom which forms the primary source of UK company law.
The Child Act 2001 is a Malaysian law which served to consolidate the Juvenile Courts Act 1947 [Act 90], the Women and Girls Protection Act 1973 [Act 106], and the Child Protection Act 1991 [Act 468]. It was enacted partially in order to fulfil Malaysia's obligations under the United Nations Convention on the Rights of the Child. However, it retains the option of corporal punishment for child offenders. In December 2004, members of the legal community suggested that the law needed review, despite its newness, in order to clarify its criminal procedures. One example of the Act's unclarity was brought to light in a 2007 case involving a 13-year-old convicted of murder. Under Section 97(1) of the Act, capital punishment may not be applied to children; Sections 97(2), 97(3), and 97(4) make provisions for alternative punishments for offences which would result in the death penalty if committed by adults, namely detention at the pleasure of the Yang di-Pertuan Agong. However, Section 97(2) was overturned by the Court of Appeal in July 2007 on the grounds that it violated the Constitution of Malaysia's doctrine of separation of powers, leading to the situation that no punishment at all could be rendered.
The Coal Industry Nationalisation Act 1946 was an Act of the Parliament of the United Kingdom which nationalised, or brought into state control, the coal industry in the United Kingdom. It established the National Coal Board as the managing authority for coal mining and coal processing activities. It also initially provided for the establishment of consumers' councils. The Coal Industry Nationalisation Act 1946 was the first of a number of Acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other Acts include the Electricity Act 1947; the Transport Act 1947 ; the Gas Act 1948; and the Iron and Steel Act 1949.
Re Barleycorn Enterprises Ltd [1970] Ch 465 is a UK insolvency law case, concerning the priority of creditors in a company winding up. It was held that fees for liquidation came in priority to preferential claims and floating charges. This was overturned by the House of Lords in Buchler v Talbot, but reinstated by Parliament through an amendment to the Insolvency Act 1986 s 176ZA.
The Union List, also known as List-I, is a list of 97 numbered items given in Seventh Schedule in the Constitution of India on which Parliament has exclusive power to legislate. The legislative section is divided into three lists: the Union List, State List and Concurrent List. In India, residual powers remain with the Central Government. This makes the government of India similar to the Canadian federal government, and different from the governments of the United States, Switzerland, or Australia.
Anguillan company law is primarily codified in three principal statutes:
- the International Business Companies Act ;
- the Companies Act ; and
- the Limited Liability Companies Act.
Hong Kong insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. The law in this area is now primarily governed by the Companies Ordinance and the Companies Rules. Prior to 2012 Cap 32 was called the Companies Ordinance, but when the Companies Ordinance came into force in 2014, most of the provisions of Cap 32 were repealed except for the provisions relating to insolvency, which were retained and the statute was renamed to reflect its new principal focus.
The National Land Code, is a Malaysian laws which enacted to amend and consolidate the laws relating to land and land tenure, the registration of title to land and of dealings therewith and the collection of revenue therefrom within the States of Johore, Kedah, Kelantan, Malacca, Negeri Sembilan, Pahang, Penang, Perak, Perlis, Selangor, Terengganu and the Federal Territory of Kuala Lumpur, and for purposes connected therewith.
The Communications and Multimedia Act 1998 is an Act of the Parliament of Malaysia. It was enacted to provide for and to regulate the converging communications and multimedia industries, and for incidental matters.
The Societies Act 1966 is an Act of the Parliament of Malaysia, relating to the registration of societies.
The Copyright Act 1987 (Malaysia) (Malay: Akta Hakcipta 1987) (Act No. 332), as amended up to Act No. A1420, was enacted to modernize Malaysia's copyright laws, superseding the Imperial Copyright Act of 1911 which was previously applicable in British Malaya and the British Empire.
The Postal Services Act 2012, is a Malaysian laws which enacted to provide for the licensing of postal services and the regulation of the postal services industry, and for incidental or connected matters.
The Strata Management Act 2013, is a Malaysian laws which enacted to provide for the proper maintenance and management of buildings and common property, and for related matters.
The constitutional provisions in India on the subject of distribution of legislative powers between the Union and the States are defined primarily under its articles 245 and 246. The Seventh Schedule to the Constitution of India specifies the allocation of powers and functions between the Union and the State legislatures. It embodies three lists; namely, the Union List, the State List, and the Concurrent List. The Union list enumerates a total of 97 subjects over which the power of the Union parliament extends.curently 98 subjects in centre list. Similarly, the State list enumerates a total of 66 subjects for state legislation. The schedule also spells out a Concurrent list embodying a total of 47 subjects on which both the Union parliament and the state legislatures are empowered to legislate, though this is subject to the other provisions of the constitution that give precedence to the union legislation over that of the states.
The Companies (Amendment) Act, 2015, of India, was granted the assent of the President on May 25, 2015, but was published in the Official Gazette on May 26, 2015. This Amendment aims to swiftly bridge some of the most pressing concerns of stakeholders such as the need to align business exigencies with certain actions deemed punishable with criminal law under the original Act of 1956 but not yet amended in the new Companies Act of 2013.
