Define liquidating assets speed dating esl icebreaker
Unlike when individuals file for Chapter 7 Bankruptcy, the business debts still exist.
The decision to liquidate is made by a board resolution, but instigated by the director(s).The court may appoint an official receiver, and one or more liquidators, and has general powers to enable rights and liabilities of claimants and contributories to be settled.Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and possibly of a supervisory liquidation committee.S.), annihilate, exterminate, bump off (slang), rub out (U. slang) sales and/or distributions, the dividend received deduction is still available to PHCs (albeit in reduced form), the PHC tax has been reduced dramatically and is still only imposed if there is "undistributed PHC income.Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. Solvent companies may also file for Chapter 7, but this is uncommon.