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21-Apr-2017 16:06

In that case the general meeting will appoint the liquidator(s).

If not, the liquidation will proceed as a creditors' voluntary winding-up, and a meeting of creditors will be called, to which the directors must report on the company's affairs.

Your accountant and lawyer can help you contact and negotiate with creditors. This record will help you file your taxes and explain your business liquidation to the Internal Revenue Service. Evaluate and identify which items you can liquidate. Each piece of furniture and equipment has value; find out what it is by researching what it sells for both new and used at auction websites and in classified ads. Many suppliers will take back their inventory and give you a refund.Her work has appeared in "The New York Times," "Redbook," "Family Circle" and many other publications.In United Kingdom, Republic of Ireland and United States law and business, liquidation is the process by which a company is brought to an end.They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.

The parties who are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: The grounds upon which one can apply for a compulsory liquidation also vary between jurisdictions, but the normal grounds to enable an application to the court for an order to compulsorily wind-up the company are: A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.

Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed.



Liquidating trusts can be effective tools to wind down any business enterprise. Whether the trust is the product of a bankruptcy plan or a state law plan of.… continue reading »


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