Section - 510 - Provisions applicable to every voluntary winding up
Provisions applicable to every voluntary winding upProvisions applicable to every voluntary winding up.510. The provisions contained in to , both inclusive, shall apply to every voluntary winding up, whether a members’ or a creditors’ winding up.
Distribution of property of company.511. Subject to the provisions of this Act as to preferential payments, the assets of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.
Saving of right of creditors and contributories to apply for winding up.521. [Omitted by the Companies (Amendment) Act, 1960. For the original section, refer.... To read the full section download the app from Google Play store
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