Section 276 - 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) before the date of the resolution, an affidavit declaring that the company is solvent is made in accordance with section 275.

(2) The private liquidation commences at the time of the passing of the resolution.

(3) Where a company passes a resolution for a private liquidation the company shall, within fourteen days after the passage of the resolution, send to the Registrar a copy of the resolution and the Registrar shall publish the resolution in the Companies Bulletin.