The background to the abandonment was that Seymour Whyte accepted that a floating charge granted by Ostwald had crystallised before the commencement of its winding up, and that Ostwald had insufficient assets to satisfy its secured creditors and priority creditors.
The reason behind the abandonment is not entirely clear from the decision, because s553C is capable of operating whether or not there are any assets in the liquidation available for distribution.
During the liquidation process, the liquidators must file a report every three months with the D. Once the company’s assets have been completely liquidated, the liquidators must prepare a final accounting of the liquidation and summon a final general meeting of the shareholders by publishing a notice in the local newspaper and mailing a notice to the shareholders no later than seven days before the scheduled date of the meeting. Other legal expertise of the law firm varied in cases involving corporate law such as company registration & Thailand BOI, family law, property law, and private investigation.
The business of this final meeting will be for the shareholders to approve the final account prepared by the liquidators.
Only the balance after the set off is admissible to proof against the company, or payable to the company.
The provision recognises that, where a company is in liquidation, it would be unjust to allow the company to recover 100 cents in the dollar on its claim, while the other party is likely to receive a lesser percentage of its cross-claim as one of a pool of unsecured creditors.
We can represent the selling company in dealing with the acquiring company on matters relating to share transfers.