Bankruptcy bankruptcy law liquidate liquidating liquidation Spycam porn in trindad
And whether the decision to liquidate a corporate debtor amounts to a commercial decision.The order under section 230 shall only be used as an exception to the rule of liquidation.
, relying on the decisions of the Supreme Court in Swiss Ribbons Pvt Ltd & Anr v Union of India & Ors and Meghal Homes Pvt Ltd v Shree Niwas Girni KK Samiti & Ors, the National Company Law Appellate Tribunal (NCLAT) directed the liquidator to sell the assets of the corporate debtor under the terms of section 230 of the Companies Act, 2013, within 90 days.
Following a three-year attempt at reorganization under Chapter 11 bankruptcy, the firm announced it would close all 216 stores and liquidate its inventories and real estate.
It was expected the asset liquidation would result in creditors being paid only a portion of their claims while stockholders of the company would receive nothing.
If there are insufficient funds to pay all creditors (INSOLVENCY), preferential creditors are paid first (for example the INLAND REVENUE for tax due), then ordinary creditors pro rata.
If there is a surplus after payment of all creditors this is distributed pro rata amongst the ordinary shareholders of the company. the process by which a JOINT-STOCK COMPANY's existence as a legal entity ceases by ‘winding up’ the company.
If there are insufficient funds to pay all creditors (INSOLVENCY), preferential creditors are paid first (for example, the INLAND REVENUE for tax due), then ordinary creditors pro rata.