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the company is neither in liquidation nor has a provisional liquidator been appointed, and; neither an administrator nor an administrative receiver is already in office. Subsequent to the appointment of an administrator under a qualifying floating charge, the holder of the floating charge must notify the court of the appointment.
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]
Security documents generally contained very wide powers of appointment such that on default the creditor could take over the business immediately and without the input of any court. A receiver appointed to the entire business became known as a receiver and manager. The receiver and manager would typically have extensive powers over the business ...
The US Senate passed a bipartisan bill early Saturday to increase Social Security benefits for close to 3 million federal, state and local public sector workers, which includes firemen, policemen ...
The Social Security Fairness Act would repeal two federal policies — the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) — that reduce Social Security payments to ...
The Social Security Administration's press office provided comments after the initial publication of this story, stating that "state and local government employers are required to disclose ...
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 Social Security Fairness Act would cost $196 billion over the next decade, hasten Social Security’s insolvency by about six months and increase the automatic benefit cuts when they occur ...