Sentences with phrase «voluntary liquidation»

"Voluntary liquidation" refers to the process in which a company or organization decides to close down its operations and sell off its assets. It is not forced by external factors, but a choice made by the company's owners or management. This is usually done when the company is unable to pay off its debts or when it is no longer profitable. The proceeds from selling the assets are used to pay off creditors, and any remaining funds are distributed among the shareholders or owners. Full definition
This preference is significant when it comes to the payment of dividends and voluntary liquidation of assets, but is essential in bankruptcy situations.
What is the deemed date of liquidation when moving from administration to creditors voluntary liquidation?
Due to the fact that both companies had already been placed into voluntary liquidation by the directors prior to the hearing of the appeal, the Court of Appeal was unable to grant administration orders in this case but the costs orders were overturned and the legal precedent reversed.
Arle will go into voluntary liquidation in March when its contract for managing a portfolio of companies for Candover Investments comes to an end, according to Candover.
Variations on this theme include making formal or informal arrangements to pay off your creditors, filing for voluntary liquidation, and declaring bankruptcy.
Do not complete this statutory declaration if the company was in a court ordered or creditor's voluntary liquidation before it was deregistered.
Re New Paragon Investments Ltd: [2012] BCC 371 Obtained an order recognising a creditors» voluntary liquidation under the law of Hong Kong as foreign main proceedings for the purposes of the Cross-Border Insolvency Regulations 2006 and a declaration that there was an automatic stay of proceedings against the debtor, including arbitrations.
The team also has significant experience with voluntary liquidations, as well as investigatory and advisory engagements of all types.
It was forced by its creditors to offload its acquisitions before going into voluntary liquidation in early 2009.
It is time for the preaching of a new evangelism — the evangelism of the voluntary liquidation of the competitive system in order that there may be a planned economy which shall insure to every person in the nation an adequate supply of the goods of life.
Although few specifics were given for such an economic plan — and no suggestions on how to bring about the «voluntary liquidation» of the old system — the magazine was clearly championing a socialist ideal.
S. Muoio & Co. has called on MathStar Inc (OTC: MATH) to include in the proxy statement for the 2009 Annual Meeting a vote by shareholders to approve a voluntary liquidation of MATH.
It has come to our attention that MathStar has timely received a proposal from another shareholder to include in the proxy statement for the 2009 Annual Meeting a vote by shareholders to approve a voluntary liquidation of MathStar.
James also has widespread experience of corporate insolvency, both domestic and cross-border, including compulsory and voluntary liquidation, recognition of foreign proceedings and applications to court within an insolvency process.
Re Mason & Sons Ltd (in creditors» voluntary liquidation); Richardson and another v White and another [2017] EWHC 1512 (Ch), [2017] All ER (D) 141 (Jun)
With extensive experience of both contentious and transactional insolvency work, both pre and post appointment, Sam is praised in legal directories for his «sound, practical advice, delivered on time» (Legal 500) and his handling of «complex group restructurings as well as compulsory and voluntary liquidations» (Chambers and Partners) as well as for his «detailed knowledge of insolvency... and very nice manner.»
Firstly, there's voluntary liquidation, which is the last resort where the business is, in essence, unrecoverable.
John E. Mitchell Mitchell handles all aspects of commercial restructurings and focuses his practice on complex bankruptcies, out - of - court workouts and sales, voluntary liquidations, receiverships, and asset sales and general insolvency related litigation.
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