Liquidating companies greek dating sites us

01-Oct-2017 21:42

Moreover, the longer a company takes to reorganize, the greater the administrative expenses that must be satisfied prior to a return to general unsecured creditors.In many ways, liquidating a business is simpler and quicker than attempting to make the necessary operational changes and to restructure the many obligations that modern companies have on their balance sheets.Following the conclusion of its liquidation, a company is dissolved – ie: its name is removed from the register of companies and it ceases to exist.There are three types of winding up: Members’ voluntary winding up This is only available where the directors are able to make a formal declaration that the company can pay all its liabilities in full within 12 months.The company is solvent, but may no longer be required for one (or more) of a number of reasons including: The company is placed in voluntary winding up by resolution of the shareholders who, at the same time, appoint a liquidator.If for reason, a liquidator is not appointed by the general meeting, the directors shall apply to the Court for the appointment of a liquidator.Winding up by the court This is imposed by a court order following an application by the shareholders or the directors or by the creditors.A public officer is appointed to act as Official Receiver for the purpose of carrying out the necessary investigations and subsequently reporting to court as to the amount of issued and paid up share capital, and the estimated assets and liabilities if the company is insolvent, the causes of the failure whether further investigations are necessary with regards to any matter relating to the promotion, formation or failure of the company or the conduct of the business.

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The Official Receiver automatically becomes the liquidator and continues in office until the creditors appoint another person as liquidator.

Such claims must now be paid in full in order to confirm a reorganization plan, whereas prior to BAPCPA, these claims were paid in the same manner as general unsecured claims.

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