What is liquidating assets mean

Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry.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 decision to liquidate is made by a board resolution, but instigated by the director(s).

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Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve.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.Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed.In United Kingdom, Republic of Ireland and United States law and business, liquidation is the process by which a company is brought to an end.The assets and property of the company are redistributed.

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