293. Declaration of solvency

Question 1

293. Declaration of solvency

Answer 1

General overview
[293.01] Section 293 provides that a company undertaking a members’ voluntary winding up must be solvent. Subsection (1) provides that the board of directors acting by a majority shall make a declaration of solvency before the date on which notices are sent out to the members for the purpose of passing the requisite resolution to wind up the company.