Law: Companies Ordinance, 1984

Section: 305,306,451,452,456306(1)(a)

(a) Companies Ordinance (XLVII of 1984)--Ss. 305 & 306 Winding up of company while in running condition Duty of Company Judge Whenever case of a running company is placed before Company Judge or Appellate Court, they should examine such matter differently from a company which is not in a running condition Supreme Court observed that in such a case efforts should be made by judicial forums to adopt such a device so that the project may continue running commercially and its financial liabilities start reducing gradually; business trend in the market being that if running concern is put to sale, it fetches high price of its assets which can substantially clear proportionate liability of the creditors. (b) Companies Ordinance (XLVII of 1984) Ss. 451, 452 & 456 Foreign company Institution of legal proceedings Conditions Foreign company cannot institute legal proceedings without fulfilling requirements of Ss.451 & 452 of Companies Ordinance, 1984. (c) Companies Ordinance (XLVII of 1984) S. 306(1)(a) International Finance Corporation Act (XXVII of 1956). S.5 & Sched., Art.VI Winding up proceedings ¬Statutory Corporation recognized in Pakistan by International Finance Corporation Act, 1956 Initiation of winding up proceedings by such Corporation Validity ¬Such Corporation enjoyed the status of Corporation possessing full juridical personality particularly empowered to contract: to acquire and dispose of immovable property and to institute legal proceedings Legal proceedings for winding up of a company registered under Companies Ordinance. 1984, could be initiated by a creditor by assignment or otherwise to whom the company was indebted in a sum exceeding one per cent of its paid up capital or fifty thousand rupees whichever was less than due, under the provisions of S.306(1)(a) of Companies Ordinance. 1984 Where the foreign Corporation was the creditor of the company to be wound up and it had extended credit to the company which was more than Rs.50,000, therefore, after completion of the formalities, the foreign Corporation had a right to pray for the winding up of the company in circumstances. (d) Companies Ordinance (XLVII of 1984) S. 305 Winding up…

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