Liquidating trust and

Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed.Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.Liquidation is the process in accounting by which a company is brought to an end in the United Kingdom, Australia, Republic of Ireland, Cyprus and United States.

Claimants with non-monetary claims against the company may be able to enforce their rights against the company.The liquidator must determine the company's title to property in its possession.Property which is in the possession of the company, but which was supplied under a valid retention of title clause will generally have to be returned to the supplier.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.

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