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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.
Tamil Lexicon (Tamil: தமிழ்ப் பேரகராதி Tamiḻ Pērakarāti) is a twelve-volume dictionary of the Tamil language. Published by the University of Madras , it is said to be the most comprehensive dictionary of the Tamil language to date.
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.
An appointment of a provisional liquidator may also be made where it is in the public interest. [ 31 ] Since the decision in the Legend case [ 32 ] in 2005 [ 33 ] provisional liquidation may not be used as a means of shielding the company from creditor's claims to facilitate a restructuring in Hong Kong, [ 34 ] although prior to that date the ...
Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders ...
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
Liquidation is a class right, and so the court will not normally make an order upon the application of a creditor if it is opposed by a majority of creditors. [8] Once a liquidator is appointed, his duty is to collect all of the assets of the company, liquidate them and pay or provide for the claims of the company's creditors pari passu. [9]