in the matter of companies act of 2002 and in the matter of petition for winding up of china chang group ltd 2018 tzhccomd 17 13 february 2018

The company passed a special resolution for winding up and is unable to pay its debts, with assets less than liabilities, satisfying statutory grounds for winding up under the Companies Act of 2002.

Citation: in the matter of companies act of 2002 and in the matter of petition for winding up of china chang group ltd 2018 tzhccomd 17 13 february 2018
Parties: Petitioner: China Chang Group Limited
Court: TZHCCOMD
Jurisdiction: Tanzania
Judgment Date: 13 February 2018
Procedural Posture: Winding Up Petition / Final Judgment
Outcome: petition allowed
Legal Topics: Winding Up, Corporate Insolvency, Appointment of Liquidator
Source Language: English

Company Law Insolvency Winding Up Corporate Insolvency Appointment of Liquidator

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Parties

China Chang Group Limited

Petitioner

Procedural Posture

Winding Up Petition / Final Judgment

Legal Issues

1 Whether China Chang Group Limited should be wound up by the court due to insolvency

Ratio Decidendi

The company passed a special resolution for winding up and is unable to pay its debts, with assets less than liabilities, satisfying statutory grounds for winding up under the Companies Act of 2002.

Court Disposition

petition allowed

Orders

China Chang Group Limited is wound up under Section 279(1)(a) and (d) of the Companies Act of 2002.
Hans Francis Mamuya appointed as official liquidator for three months with powers under Sections 299, 300, 301, 302, 303, 304, and 306 of the Companies Act of 2002.