Liquidating a cc

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Liquidation may either be compulsory (sometimes referred to as a 'creditors' liquidation') or voluntary (sometimes referred to as a 'shareholders' liquidation', although some voluntary liquidations are controlled by the creditors) . 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: After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets.

Liquidations are also classified according to whether the company is solvent or insolvent.Updated: 1/6/2016 In April of 2013 a change in the law resulted in many Visa and Mastercard gift cards becoming pin-enabled.While these cards do not allow ATM withdrawals, they otherwise generally work as debit cards in most transactions.The main purpose of a liquidation where the company is insolvent is to collect in the company's assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law.The liquidator must determine the company's title to property in its possession.

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