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The liquidator represents the interests of all creditors.The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).Eventually, company officers learned of their plight and reincorporated the business in the same state.At issue is whether the company’s status as a corporation had been terminated by the administrative dissolution. Something else to consider is that under Section 336(a) of the tax code, a gain or loss is recognized by a liquidating corporation on the distribution of its property in complete liquidation, as if such property were sold to the distributee at its fair market value. 142 ) states that “…where a corporation ceases business operations, has retained no assets, has no income, and has actually liquidated, there is in effect a de facto dissolution, even though the corporation has not been formally dissolved…” In addition, it is entirely possible for the corporation to continue in existence even though it has been, as a matter of state law, dissolved.Vested assets in the form of stocks, government bonds, and mutual funds are acceptable sources of funds for the down payment, closing costs, and reserves provided their value can be verified.The lender must verify the borrower’s ownership of the account or asset.The liquidator’s role is to: Except for lodging documents and reports required under the Corporations Act, a liquidator is not required to do any work unless there are enough assets to pay their costs.
If the company is insolvent, this means it is unable to pay its debts as they fall due.
A court liquidation starts as a result of a court order, made after an application to the court, usually by a creditor of the company.
When a company is being liquidated because it is insolvent, the liquidator has a duty to all the company’s creditors.
Liquidation (or "winding up") is a process by which a company's existence is brought to an end.
First, a liquidator is appointed, either by the shareholders or the court.
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But for tax purposes, the defining line can make a big difference.