liquidation

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Related to Members' voluntary liquidation: Creditors voluntary liquidation

Liquidation

The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.

A type of proceeding pursuant to federal Bankruptcy law by which certain property of a debtor is taken into custody by a trustee to be sold, the proceeds to be distributed to the debtor's creditors in satisfaction of their claims.

The settlement of the financial affairs of a business or individual through the sale of all assets and the distribution of the proceeds to creditors, heirs, or other parties with a legal claim.

The liquidation of a corporation is not the same as its dissolution (the termination of its existence as a legal entity). Depending upon statute, liquidation can precede or follow dissolution.

When a corporation undergoes liquidation, the money received by stockholders in lieu of their stock is usually treated as a sale or exchange of the stock resulting in its treatment as a capital gain or loss for Income Tax purposes.

See: aberemurder, assassination, cancellation, composition, discharge, dispatch, dissolution, homicide, killing, murder, payment, termination

liquidation

the procedure under which a company is dissolved (or wound up). Liquidation maybe voluntary (where the company is solvent but where the purposes for which it was set up have been achieved or no longer exist) or compulsory (usually where the company is insolvent). The function of a liquidator is to convert the assets of the company into cash, which is then distributed among the creditors to pay off (so far as possible) the debts of the company. Any surplus is then distributed among the members.

LIQUIDATION. A fixed and determinate valuation of things which before were uncertain.

References in periodicals archive ?
Dated Thursday the 16th of October 2014 Jim Luby, Liquidator Note: This is a Members' Voluntary Liquidation.
Dated Tuesday the 7th of October 2014 Tom Rogers Liquidator Note: This is a Members' Voluntary Liquidation.
IN THE MATTER OF ASHINGVALE DEVELOPMENTS LIMITED (IN VOLUNTARY LIQUIDATION) and IN THE MATTER OF THE COMPANIES ACTS 1963 TO 2013 Notice is hereby given that a Special Resolution for the winding up of the abovenamed company by means of a Members' Voluntary Liquidation was passed on 24th September 2014.
IN THE MATTER OF IVERAGH TIMBER TREATMENT LIMITED (IN VOLUNTARY LIQUIDATION) and IN THE MATTER OF THE COMPANIES ACTS 1963 TO 2013 Notice is hereby given that a Special Resolution for the winding up of the abovenamed company by means of a Members' Voluntary Liquidation was passed on 24th September 2014.
Dated this 1st of August 2014 Jim Luby Liquidator Note: This is a Members' Voluntary Liquidation.
Dated this 26 July 2014 Jim Luby Liquidator Note: This is a Members' Voluntary Liquidation.
Dated this 11th day of February 2013 Jim Luby Liquidator Note: This is a Members' Voluntary Liquidation.
Dated: 21st June 2011 Jim Hamilton Liquidator "Please note that this is a Members' Voluntary Liquidation.
There were also 151 members' voluntary liquidations, which is down from the 220 recorded in the same quarter of 2016-17.

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