Provisions applicable to every voluntary winding up 300. Distribution of property of company Flashcards
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Provisions applicable to every voluntary winding up
300. Distribution of property of company
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General overview
[300.01] This section provides for the manner in which a company’s assets are to be distributed in a voluntary winding up.The assets of the company are to be distributed in the following order: first, in satisfaction of any preferential payments in accordance with the Act; second, in satisfaction of the company’s liabilities on a pari passu basis; and third, any surplus, unless otherwise provided by the constitution, is to be distributed to the members according to their rights and interests in the company
