declaration of solvency sentence in Hindi
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- If the company is solvent, and the members have made a statutory declaration of solvency, the liquidation will proceed as a members'voluntary winding-up.
- They suggested that, for consistency, the procedures should be similar to those required for companies, such as filing a declaration of solvency with the Registrar and the publication of a notice at the commencement of the winding up procedures.
- Blackett-Ord VC found there was a " bona fide " dispute about whether Mr Gregory was a creditor for a sum presently due and granted the injunction, provided that in three weeks the company would make a declaration of solvency.
- :Declaration of solvency, 18 June 1937-Declares " That we have made a full enquiry into the affairs of this Company, and that, having so done, we have formed the opinion that this Company will be able to pay its debts in full within a period, not exceeding twelve months, from the commencement of the winding up ."
- The condition of Blackett-Ord V .-C .'s order seems to me to reverse this burden of proof, for if the condition is not complied with it would be open to the defendant as a petitioner to rely upon that fact as some evidence of the company's inability to pay its debts; and moreover, having regard to the nature of the declaration of solvency which I have mentioned, the condition imposes upon the company, through its directors, a heavier burden of proof than the burden of establishing merely that the company is not commercially solvent; it imposes the burden of proof of establishing that the company will ultimately be solvent on the basis of a prospective liquidation within 12 months.
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