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siritha -> RE: liquidation (11/27/2009 5:15:29 AM)
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In law, liquidation refers to the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation can also be referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
There are two types of liquidation
1. Compulsory liquidation
The parties who 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:
1.the company itself
2.any creditor who establishes a prima facie case
3.contributories
4.the Secretary of State
5.the Official Receiver
2. Voluntary liquidation
Voluntary liquidation occurs when the members of the company resolve to voluntarily wind-up the affairs of the company and dissolve. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time. If the company is solvent, and the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary winding-up. In such case, the general meeting will appoint the liquidator(s).
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