Liquidating a cc calcutta dating friendship

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.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.

After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets.

The decision to liquidate is made by a board resolution, but instigated by the director(s).

75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance.

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).

A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily.

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