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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.
It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there is a breach of an understanding that all of the members may participate in the business, Upon hearing the application, the court may either dismiss the petition, or make the order for winding-up.
When an entity chooses or is forced by a legal judgment or contract to turn assets into a "liquid" form (cash). An individual may choose to liquidate his or her possessions or investments to pay off creditors, convert assets to cash for spending or because the investments are not going to increase in value and the investor wants to re-allocate funds.2.
The REMEC Liquidating Trust commenced operating on January 1, 2011.
These loans are intended to finance purchases that will quickly and reliably generate cash.
A business might use a self-liquidating loan to purchase extra inventory in anticipation of the holiday shopping season.
This is not the same as its debts being discharged, as happens when an individual files for Chapter 7.
The debts still exist in theory, at least until the statute of limitations has expired, but there is no debtor to pay them, so they must be written off in practice.