Section - 488 - Companies Act, 1956

Section - 488 - Declaration of solvency in case of proposal to wind up voluntarily

Declaration of solvency

Declaration of solvency in case of proposal to wind up voluntarily.

488. (1) Where it is proposed to wind up a company voluntarily, its directors, or in case the company has more than two directors, the majority of the directors, may, at a meeting of the Board, make a declaration verified by an affidavit, to the effect that they have made a full inquiry into the affairs of the company, and that, having done so, they have formed the opinion that the company has no debts, or that it will be able to pay its debts in full within such period not exceeding three years from the commencement of the winding up as may be specified in the declaration.

(2) A declaration made as aforesaid shall have no effect for the purposes of this Act, unless—

(a) it is made within the five weeks immediately preceding the date of the passing of the resolution for winding up the company and is delivered to the Registrar for registration before that date; and

[(b) it is accompanied by a copy of the report of th .... To read the full section download the app from Google Play store