Law in details

Bodies Corporate (Official Liquidation) Act, 1963 (Act 180)

Section 3(3)A company shall be deemed to be unable to pay its debts,(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding fifty pounds then due, has served on the company a written demand requiring the company to pay the sum so due and the company has for twenty-one days thereafter neglected to pay the sum or to secure or compound for it to the reasonable satisfaction of the creditor;(b) if in Ghana execution or other process issued on a judgment, decree or order of any court in favour of a creditor of a company is returned unsatisfied in whole or in part; or(c) if it is proved to the satisfaction of the Registrar that the company is unable to pay its debts; and, in determining whether a company is unable to pay its debts the Registrar shall take into account the contingent and prospective liabilities of the company.

Procedures to Follow

(a) The official liquidator requires funds to execute the liquidation.
(b) The official liquidator requesting for the statement of affairs from all the directors of the company
(c) Publication of the liquidation order in the gazette
(d) Notice in a national daily newspaper calling on all creditors to file their proof of debt before a fixed date and calling on debtors to pay up or make arrangement before a fixed date to pay their debt.
(e) Publication of first creditors meeting by the official liquidator to bring the creditors the state of liquidation.
(f) Gathering of the veto of the company by the official liquidator.
(g) Publication of second creditors meeting
(h) Selling of the assets of the company to pay creditors....

Responsible Institution

Registrar Generals Department

Accra
Email:info@rgd.gov.gh
Website:https://www.rgd.gov.gh

Relevant Forms to Download

returns of particular of a company limit ...

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Fees / Charges




Not Avaiable