Liquidating an annuity david roskoph dating

The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action.

The court may appoint an official receiver, and one or more liquidators, and has general powers to enable rights and liabilities of claimants and contributories to be settled.

The liquidator may also have to determine whether any payments made by the company or transactions entered into may be voidable as a transaction at an undervalue or an unfair preference.

Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and possibly of a supervisory liquidation committee.

Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve.

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.

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.

The liquidator has the power of the company and company employees are dismissed.

If it is a court-ordered liquidation, the court has the choice to stay or restrain any proceedings against the company when required.

If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent.

If the company is solvent, and the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary winding-up.

For instance, a retail chain may wish to close some of its stores.

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