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Provisional liquidation is a process which exists as part of the corporate insolvency laws of a number of common law jurisdictions whereby after the lodging of a petition for the winding-up of a company by the court, but before the court hears and determines the petition, the court may appoint a liquidator on a "provisional" basis. [1]
Depending upon the type of the liquidation, the liquidator may be removed by the court, by a general meeting of the members or by a general meeting of the creditors. [11] The court may also remove a liquidator and appoint another if there is "cause shown" by the applicant for his removal.
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.
The application may be filed by a financial creditor (Section 7), an operational creditor (Section 9), or the corporate debtor (Section 10) itself. Section 11 enumerates the persons not entitled to make an application, such as corporate debtor who was in a CIRP at the time of the application, or had been in one recently.
An application to the court for an administration order may be made by the company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors.
The Tamil Nadu Panchayats (Appointment of Special Officers) Act, 1979 The Tamil Nadu Panchayats (Extension of Term of office) Act, 1976 The Tamil Nadu Panchayats (Extension to Transferred Territory) and Panchayat Union Councils (Special Provisions for First Constitution) Amendment Act, 1961
The liquidator is the person appointed to supervise and implement the company's winding up. The liquidation process in Ireland is governed by the Companies Act 2014 (as amended), which came into operation in June 2015 and made significant changes to the way liquidations are supervised and who can be appointed as liquidator.
The main differences between an estate liquidation and a mere estate sale is the sphere of inclusion which in a liquidation can expand to stocks, bonds, real property, fine jewelry, coin collections and fine art.