RBRC W Shop Winding)

8/6/2019 RBRC W Shop Winding)

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RIPHAH INTERNATIONALRIPHAH INTERNATIONAL

UNIVERSITYUNIVERSITY

Corporate FrameworkCorporate FrameworkWorkshopWorkshop Organized byOrganized by

Riphah Business Resource CentreRiphah Business Resource Centre



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WINDING UPWINDING UP

WINDINGWINDING UPUP:: AA processprocess byby whichwhich aa companycompany isis

dissolveddissolved (i(i..ee.. itsits lifelife isis putput toto anan endend--(a(a..kk..aa Liquidation)Liquidation)

PROCESSPROCESS OFOF EWINDINGEWINDING UPUP:: AssetsAssets of of thethe companycompany areare

disposeddisposed off,off, debtsdebts of of thethe companycompany areare paidpaid off off andand

surplus,surplus, if if any,any, isis distributeddistributed amongamong thethe shareholdersshareholders inin

proportionproportion toto theirtheir holdingsholdings..

EFFECTSEFFECTS OFOF WINDINGWINDING UPUP:: OnceOnce thethe companycompany isis

dissolved/liquidated,dissolved/liquidated, itit ceasesceases toto existexist andand thereafterthereafter

cannotcannot suesue oror bebe suedsued inin itsits ownown namename..



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LIQUIDATORLIQUIDATOR:: AA personperson appointedappointed toto carrycarry outout thethe

processprocess of of windingwinding upup..

OFFICIALOFFICIAL LIQUIDATORLIQUIDATOR:: AA liquidatorliquidator appointedappointed inin

casecase of of windingwinding upup byby thethe courtcourt.. HeHe actsacts underunder

thethe supervisionsupervision of of thethe courtcourt throughthrough aa defineddefined

reportingreporting systemsystem.. (Official(Official liquidatorliquidator neitherneither

resignresign nornor cancan bebe removedremoved tilltill conclusionconclusion of of

windingwinding up,up, exceptexcept inin casecase of of disability)disability)



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MODES OF WINDING UPMODES OF WINDING UP

TheThe windingwinding upup of of thethe companycompany cancan eithereither bebe::

ByBy thethe courtcourt

VoluntaryVoluntary

-- byby membersmembers

-- byby creditors)creditors)

SubjectSubject toto supervisionsupervision of of thethe courtcourt



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WINDING UP BY COURTWINDING UP BY COURT

WindingWinding upup courtcourt isis calledcalled CompulsoryCompulsory windingwinding upup

andand maymay bebe orderorder onon anyany of of thethe followingfollowing groundsgrounds::

MembersMembers resolve,resolve, byby SpecialSpecial Resolution,Resolution, thatthat thethe

companycompany bebe woundwound upup byby courtcourt;;

DefaultDefault inin deliveringdelivering statutorystatutory reports,reports, holdingholding of of

statutorystatutory meetingmeeting oror holdingholding of of twotwo consecutiveconsecutive

AGMsAGMs;;

TheThe CompanyCompany isis unableunable toto paypay debtdebt;;

TheThe CompanyCompany ceasesceases toto havehave anyany membermember;;



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TheThe CompanyCompany doesdoes notnot commencecommence businessbusiness withinwithin

oneone yearyear fromfrom incorporationincorporation oror suspendssuspends businessbusiness

forfor aa wholewhole yearyear;;

NumberNumber of of membersmembers fallfall belowbelow thethe minimumminimum levellevel;;

TheThe CompanyCompany indulgesindulges inin fraudulentfraudulent activitiesactivities oror

carriescarries outout unlawfulunlawful businessbusiness oror takestakes upup businessbusiness

notnot authorizedauthorized byby thethe MemorandumMemorandum;;

If If inin thethe opinionopinion of of thethe court,court, itit isis just just andand

equitableequitable toto windwind upup thethe companycompany..



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PERSONSPERSONS COMPITENTCOMPITENT TOTO FILEFILE PETITIONPETITION

TheThe CompanyCompany byby passingpassing SpecialSpecial ResolutionResolution;;

CreditorCreditor oror CreditorsCreditors;;

AnyAny ContributorContributor oror ContributorsContributors;;

RegistrarRegistrar of of CompaniesCompanies;;

SECPSECP oror aa personperson soso authorizedauthorized byby thethe CommissionCommission



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VOLUNTRY WINDING UPVOLUNTRY WINDING UP

VoluntaryVoluntary windingwinding upup maymay bebe undertakenundertaken::

OnOn thethe expiryexpiry of of thethe fixedfixed periodperiod of of businessbusiness oror onon

happeninghappening of of anan eventevent whichwhich havehave alreadyalready beenbeen

providedprovided inin thethe Articles/MemorandumArticles/Memorandum;;

OnOn passingpassing aa SpecialSpecial ResolutionResolution statingstating thatthat thethe

CompanyCompany bebe woundwound upup voluntarilyvoluntarily.. (Winding(Winding upup

commencescommences withwith passingpassing of of resolutionresolution butbut businessbusiness

activitiesactivities maymay continuecontinue forfor beneficialbeneficial liquidation)liquidation)




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WINDING UP UNDER COURT SUPERVISIONWINDING UP UNDER COURT SUPERVISION

AA court,court, byby itsits ownown motionmotion oror onon anan applicationapplication byby anan

entitledentitled person,person, maymay orderorder thatthat voluntaryvoluntary windingwinding

upup shallshall continue,continue, subjectsubject toto supervisionsupervision of of thethe

courtcourt.. SuchSuch anan orderorder willwill createcreate jurisdiction jurisdiction of of thethe

courtcourt overover lawlaw suitssuits andand otherother legallegal proceedingsproceedings of of

thethe windingwinding upup..




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CONSEQUENCES OF WINDINGCONSEQUENCES OF WINDING

THETHE COMPANYCOMPANY:: TheThe CompanyCompany continuescontinues toto existexist

duringduring windingwinding upup butbut itsits managementmanagement isis carriedcarried

outout byby thethe liquidatorliquidator tilltill finalfinal windingwinding upup;;

SHAREHOLDERSSHAREHOLDERS:: AA newnew liabilityliability asas contributorcontributor

comescomes intointo existenceexistence.. Transfer/Transfer/ alterationalteration of of sharesshares

afterafter thethe orderorder of of thethe courtcourt isis void,void, unlessunless allowedallowed

byby thethe liquidatorliquidator;;



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CONSEQUENCES OF WINDINGCONSEQUENCES OF WINDING

CREDITORSCREDITORS:: CannotCannot filefile oror continuecontinue suitssuits againstagainst thethe

CompanyCompany unlessunless allowedallowed byby thethe courtcourt;; cannotcannot proceedproceed

withwith thethe executionexecution of of aa decreedecree eveneven if if obtainedobtained priorprior toto

liquidationliquidation orderorder;;

MANAGEMENTMANAGEMENT:: OnOn appointmentappointment of of liquidator,liquidator, allall powerspowers

of of directors,directors, chief chief executiveexecutive andand otherother officersofficers ceasecease.. ((

exceptexcept relatingrelating toto givinggiving noticesnotices of of windingwinding upup andand

appointmentappointment of of liquidator)liquidator)



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THANK YOUTHANK YOU

Presented byPresented by

Khurram KhanKhurram KhanDirectorDirector-- RBRCRBRC



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HISTORY OF CORPORATE LAWS IN PAKISTANHISTORY OF CORPORATE LAWS IN PAKISTAN

1.1. HealthyHealthy GrowthGrowth of of thethe CorporateCorporate EnterprisesEnterprises

2.2. ProtectionProtection of of InvestorsInvestors andand CreditorsCreditors

3.3. PromotionPromotion of of InvestmentInvestment

4.4. DevelopmentDevelopment of of EconomyEconomy

CORPORATE FRAMEWORKCORPORATE FRAMEWORK

OBJECTIVESOBJECTIVES



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LAWLAW

�� COMPANIES ACTS, 1913COMPANIES ACTS, 1913 -- REGISTRAR JOINTREGISTRAR JOINT

STOCKSTOCK COMPANIESCOMPANIES

�� COMPANIES CAPITAL ISSUECOMPANIES CAPITAL ISSUE -- CONTROLLER OFCONTROLLER OF

ACT, 1947ACT, 1947 CAPITAL ISSUECAPITAL ISSUE

�� COMPANIES ORDINANCE, 1984COMPANIES ORDINANCE, 1984 -- CORPORATE LAWCORPORATE LAW

AUTHORITYAUTHORITY

�� COMPANIESCOMPANIES -- CORPORATE LAWCORPORATE LAW

(ISSUE OF CAPITAL)(ISSUE OF CAPITAL) RULES, 1996RULES, 1996 AUTHORITYAUTHORITY

HISTORY OF CORPORATE LAWS IN PAKISTAN (Contd)HISTORY OF CORPORATE LAWS IN PAKISTAN (Contd)

REGULATORREGULATOR



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HISTORY OF CORPORATE LAWS IN PAKISTANHISTORY OF CORPORATE LAWS IN PAKISTAN

LAWLAW REGULATORREGULATOR

�� CENTRAL DEPOSITORIESCENTRAL DEPOSITORIES -- CORPORATE LAWCORPORATE LAW

ACT, 1997ACT, 1997 AUTHORITYAUTHORITY

�� COMMISSION ACT, 1997COMMISSION ACT, 1997 -- SECPSECP

�� COMPANIES (AMENDMENTS)COMPANIES (AMENDMENTS) -- SECPSECP

ORDINANCE, 1984ORDINANCE, 1984

RBRC W Shop Winding)

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