- Laws of Fiji

Last Updated: 24 June 2022

[COM 578] Statutory declaration of solvency in case of proposal to wind up voluntarily578

578

(1) Where it is proposed to wind up a company voluntarily, the directors of the company or, in the case of a company having more than 2 directors, the majority of the directors, may, at a meeting of the directors, make a declaration in the prescribed form to the effect that they have made a full inquiry into the affairs of the company, and that, having so done, they have formed the opinion that the company will be able to pay its debts in full within such period, not exceeding 12 months, from the commencement of the winding up as may be specified in the declaration.

(2) A declaration must have no effect for the purposes of this Act unless—

(a)it is made within the 30 days immediately preceding the date of the passing of the resolution for winding up the company and is lodged with the Registrar, for registration, before that date; and
(b)it embodies a statement of the company’s assets and liabilities as at the latest practicable date before the making of the declaration.

(3) A winding up in the case of which a declaration has been made and lodged with the Registrar in accordance with this section is referred to as a “members’ voluntary winding up”, and a winding up in the case of which a declaration has not been made and lodged with the Registrar is referred to as a “creditors’ voluntary winding up”.