Liquidating a cc

The decision to liquidate is made by a board resolution, but instigated by the director(s).75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance.The liquidator must determine the company's title to property in its possession.Property which is in the possession of the company, but which was supplied under a valid retention of title clause will generally have to be returned to the supplier.When liquidation occurs the company does not have the power to dispose of its property.

The main purpose of a liquidation where the company is insolvent is to collect its assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law.Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a shareholders' liquidation, although some voluntary liquidations are controlled by the creditors).The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets.For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance, and compel the liquidator to transfer title to the land to them, upon tender of the purchase price.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.

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