Companies Act, 2017

PART-X

OFFICIAL LIQUIDATORS

From: 2023-11-01 - To: 0000-00-00 351. Declaration of solvency in case of proposal to wind up voluntarily- (1) Where it is proposed to wind up a company voluntarily, its directors, or in case the company has more than three directors, the majority of the directors, including the chief executive, may, at a meeting of the board make a declaration verified by an affidavit to the effect that they have made a full inquiry into the affairs of the company, and that having done so, they have formed the opinion that the company has no debts, or that it will be able to pay all its debts in full from the proceeds of assets within such period not exceeding one year from the commencement of the winding up, as may be specified in the declaration. (2) A declaration made as aforesaid shall have no effect for the purposes of this Act, unless- (a) it is made within the five weeks immediately preceding the date of the passing of the resolution for winding up the company and is delivered to the registrar for registration before that date; (b) it contains a declaration that the company is not being wound up to defraud any person or persons; and (c) it is accompanied by a copy of the report of the auditors of the company, prepared, so…