COMPANIES ACT - 1963 (ACT 179)

    Section - 248 - Procedure on Resolution for Liquidation

    (1) A company may be wound up by way of private liquidation if,

    (a) the company resolves by special resolution that it shall be wound up by way of private liquidation; and

    (b) prior to the date of such resolution an affidavit declaring that the company is solvent is made in accordance with section 247 of this Code.

    (2) The private liquidation shall be deemed to commence at the time of the passing of the resolution.

    (3) When a company has passed a resolution for a private liquidation it shall, within fourteen days after the passing of the resolution, send to the Registrar a copy of the resolution and he shall publish the same in the Gazette.