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To access earlier articles, click Advanced Search and set an earlier date range. Please enter the email address that you used to register on Polity. Your password will be sent to this address. When a prospective business owner registers a new company, he or she does so with the confidence that they will make a success of that business.
However, despite the intention of setting up and running a successful business, unforeseen situations can
Process of liquidating a business time have a negative impact on these good intentions, resulting in such a business ultimately failing.
This is particularly common with small start-up companies which statistically never make it past year one. When a company has exhausted all alternatives, it is recommended that it, or its creditors, apply for liquidation. The brief differences between such voluntary versus involuntary liquidation is outlined later on in this article. The liquidation process can be defined as the
Process of liquidating a business in which a company voluntarily proceeds to declare itself as being insolvent or where a creditor of the company brings an application to court in order to have the company declared insolvent.
The result thereof is that the company may no longer proceed to operate its business. The South African law provides that a company can either voluntarily apply to the High Court to be liquidated or be forced into liquidation by its creditors or shareholders. This will be for payments to be made within a month period, commencing after the start of the winding up of the company, should it be required.
The result of winding up a company, is that the affected company ceases to conduct any business and as a consequence thereof is being removed from the Companies and Intellectual Property Commission CIPC registration database. Section 81 of the Act outlines the procedure that should be followed when a company is wound up based on an application by a creditor of the company.
This section provides for a variety of instances when an application can be used to wind up a company. The most contentious instance is when a creditor or a
Process of liquidating a business of the company applies to the court for a liquidation order.
The court will initially grant a provisional liquidation order which results in the company being given an opportunity to oppose the liquidation order.
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However, should the company not oppose the order by the specified date given by the court, the court will subsequently grant an order that the provisional liquidation be made a final liquidation order.
The Master of the High Court then appoint a liquidator to liquidate the assets of the company and pay its liabilities. It is recommended that a business owner seeks professional advice from a business mentor before the aforementioned situation occurs.
However, should such a stage be reached, there are certain legal procedures that need to be followed and adhered to by the business owner. Contact an attorney at "Process of liquidating a business" Inc. To subscribe email subscriptions creamermedia.
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How to liquidate (wind up)...
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When a prospective business owner...
Want to understand the process of a company liquidation? as experts we offer free advice and a same day confidential meeting on one of our local offices. Liquidation implies that the business is not able to pay its debts. as a result of a legal court process, or; by a request of the creditors, or; the company or close.
Learn about the liquidation process and the steps a company "Process of liquidating a business" to take. Rabin has the expertise to handle your liquidation to obtain maximum value.
Liquidation is the process in law and business by which a company is brought to an end in the United Kingdom , Republic of Ireland and United States. The assets and property of the company are redistributed. 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.
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 instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability.
The parties which are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by:. The grounds upon which an entity can apply to the court for an order of compulsory liquidation also vary between jurisdictions, but normally include:.
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Liquidation Process Process Overview. Fraudulent conveyance Undervalue transaction Unfair preference Voidable floating charge. Voluntary liquidation refers to the process whereby the shareholders appoint a liquidator, who is then answerable to the creditors or shareholders. Insolvency procedures such as CVAs and Administration can be useful ways of restructuring a private company and would also require a licensed insolvency practitioner to supervise the process, professionally.
The company is struck-off the registrar of companies and this is known as dissolution, which is the final stage of the liquidation process.
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Process of liquidating a business
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Process of liquidating a business
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The liquidation process, also called a winding up procedure, results in the company ceasing to trade and being legally dissolved.
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Liquidation refers to the procedure in which a limited company is brought to a close by an appointed Insolvency...
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Process of liquidating a business
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Voluntary Liquidation Process
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Do you appreciate a woman who compliments you a lot? Liquidation is the process in law and business by which a company is brought to an end in the United Kingdom, Republic of Ireland and United States. The details of the process when voluntarily liquidating a limited company depend largely on the type of..
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Companies and Intellectual Property Commission. Click here to lodge an enquiry. The process of liquidation. It should be noted that the above requirements are determined by the Master itself and therefore, the above may not be correct. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time if it has not done so already.
Bankruptcy Corporate law Insolvency Corporate liquidations.
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