ABSTRACT
The statutory declaration of solvency essential to this form of winding up is made by the directors (or, in the case of a company having more than two directors, a majority of them), at a meeting, to the effect that they have made a full enquiry into the company’s affairs and that they have formed the opinion that the company will be able to pay its debts in full, together with interest, within such period, not exceeding 12 months from the commencement of the winding up, as may be specified in the declaration.21 To be effective, the declaration must be made within five weeks immediately before the passing of the resolution to wind up and must include as recent a statement of the company’s assets and liabilities as practicable.22 This declaration must then be delivered to the registrar within 15 days after the passing of the resolution to wind up.23
