Liquidating business definition fathers rules dating daughter

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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.The parties which 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: A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.

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If it is a court-ordered liquidation, the court has the choice to stay or restrain any proceedings against the company when required.In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to the preferential creditors.Claimants with non-monetary claims against the company may be able to enforce their rights against the company.Property which is held by the company on trust for third parties will not form part of the company's assets available to pay creditors.Before the claims are met, secured creditors are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid security interest.

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