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However, where the company is put into liquidation by court order the Official Assignee may be appointed liquidator.
Note | Section 280 of the Companies Act 1993 sets out the qualifications of liquidators. Read information about liquidation where the Official Assignee has been appointed as liquidator.
In United Kingdom and United States law and business, liquidation is the process by which a company (or part of a company) is brought to an end, and the assets and property of the company are redistributed.
Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation.
When a company goes into liquidation, it really is the death knell. Shareholders may place their company into voluntary liquidation, if, for example, they think it is going nowhere and they may as well sell off assets, discharge liabilities and get back the remainder.
Remember who your directors and executives were and resolve to avoid in future any companies they may be involved in.
It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there is a breach of an understanding that all of the members may participate in the business, Upon hearing the application, the court may either dismiss the petition, or make the order for winding-up.
The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action.
In addition, the term "liquidation" is sometimes used when a company wants to divest itself of some of its assets.
This is used, for instance, when a retail establishment wants to close stores.