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In South Africa, "provisional liquidation" has a very different meaning. When a creditor or other person applies to the court for the liquidation of a business, then the order is first made a provisional basis, and then subsequent confirmed (or not) at a full hearing, much like a decree nisi and a decree absolut in other jurisdictions.
The Model Law defines a foreign proceeding as "a collective judicial or administrative proceeding in a foreign State, including an interim proceeding, pursuant to a law relating to insolvency in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or ...
A “debtor,” for the purposes of the Act, is “a person or a partnership, or the estate of a person or partnership, which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies.”
The North Gauteng High Court issued a provisional liquidation order on 7 November 2012, and decreed that the return date for the order would be 11 December 2012, at which time the court will rule on the final closure of the business. [8] On the same date, the Master of the High Court appointed Aviwe Ndyamara as the provisional liquidator.
An OR has the following responsibilities: acting as interim receiver or provisional liquidator: At any time after a petition for an insolvency order under section 122 of the Insolvency Act 1986 (c. 45) has been presented, the court may appoint the OR as interim receiver (for an individual) or as provisional liquidator (for a company).
5 February – Charles III, King of Belize, is diagnosed with a form of cancer. [1] 24 February – The Belizean abandoned cargo ship Rubymar, that was hit by a Houthi missile, is causing an environmental disaster and is at risk of sinking. [2] 6 March – 2024 Belize local elections
In the UK, directors are exposed in respect of transaction at an undervalue, preferences, and extortionate credit transactions if the transaction occurred: a) while the company was insolvent; and b) within 2 years before the onset of liquidation if the transaction was with a connected person, and 6 months if the transaction was with an ...
The term "pre-pack sale" has been defined by the Association of Business Recovery Professionals as "an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and the administrator effects the sale immediately on, or shortly after, his appointment". [1]