Liquidating limited company ireland are josh ramsay and amanda mcewan dating

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A solvent liquidation, also known as members’ voluntary winding up, may be instigated for a number of reasons, such as: To avail of this method of winding up, a company must have sufficient realisable assets to discharge all of its debts within a prescribed timeframe.

The liquidation procedure differs depending on whether the company to be liquidated is insolvent or solvent.

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If the majority of directors do not make a declaration of solvency, or the company is insolvent, the shareholders can still vote for a voluntary liquidation.

This type of liquidation is called a creditors' voluntary liquidation.

They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.

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: The grounds upon which one can apply for a compulsory liquidation also vary between jurisdictions, but the normal grounds to enable an application to the court for an order to compulsorily wind-up the company are: A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.

In addition, the term "liquidation" is sometimes used when a company wants to divest itself of some of its assets.

This is used, for instance, when a retail establishment wants to close stores.

To vote for a voluntary liquidation, the shareholders must: The company can nominate an authorised insolvency practitioner as liquidator.

It must also call a meeting of creditors (usually on the same day as the shareholders' meeting) at which they receive details of its financial affairs.

Liquidation is the most widely used formal procedure to wind up a limited company.

It generally results in the business ceasing to trade, the realisation of its assets for the benefit of creditors and their subsequent distribution to the agreed or admitted creditors in accordance with statutory provisions.

Liquidation is a formal insolvency procedure in which a company is brought to an end; all of its assets are liquidated and the proceeds from the sale of assets is used to repay creditors.

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