Liquidating co

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Voluntary liquidation refers to the process whereby the shareholders appoint a liquidator, who is then answerable to the creditors or shareholders.

It is not necessary to make any application to the court for this; however, the liquidator may apply to the court for directions and the court has power to remove a liquidator.

These include denial, anger, bargaining, and then finally acceptance and hope.

It is much easier to think about rising quantity of dollars, and the presumed linear effect of rising consumer prices. What does a negative yield have to do with capital destruction?

Liquidations are also classified according to whether the company is solvent or insolvent.

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If the company is insolvent, this means it is unable to pay its debts as they fall due.However, the law gives priority to secured creditors (those with a charge over some of the company's property as security for the debt).In addition, a number of rules exist to prevent one or more creditors from gaining an unfair advantage.The liquidator represents the interests of all creditors.The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).Broadly speaking, the liquidation process is as follows: There is a hierarchy that determines the order in which a company's assets must be distributed in a liquidation. Any secured creditors have the first right to the assets and are usually paid out before there is a distribution.Further to our ongoing theme of capital destruction, let’s look at a topic which is currently out of favor in the present market correction. Despite the current global uptick in rates, all Swiss government bonds out to 8-year maturity have a negative yield.Applications by creditors are by far the most important and common.Applications may be brought on a number of grounds, the most important being that the company is unable to pay its debts.In this situation there is potential conflict between creditors (those to whom money is owed), as there will be insufficient assets for all creditors to be paid in full.The law attempts to maintain an equality between creditors, so the assets are distributed proportionately according to the size of each creditor's claim.

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