Section 276 of CA 2013 : Section 276: Removal And Replacement Of Liquidator
CA 2013
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Explanation using Example
Imagine a scenario where a company, XYZ Ltd., is undergoing liquidation. The appointed Company Liquidator, Mr. John, is handling the process. However, during the liquidation, it is discovered that Mr. John has been negligent in selling off company assets, resulting in significantly lower proceeds than market value. This is considered professional incompetence and failure to exercise due care and diligence in the performance of his duties.
As a result, the sta...
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