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The articles of dissolution include a cover letter that includes the name of the LLC, mailing address, and the name and telephone of the person authorized to dissolve the company. The articles of ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent. If the company is solvent , and the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary liquidation (MVL).
In law, dissolution is any of several legal events that terminate a legal entity or agreement such as a marriage, adoption, corporation, or union. Dissolution is the last stage of liquidation , 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 gone forever.
In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution.
In accounting, insolvency is the state of being unable to pay the debts, by a person or company , at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.
According to the IRS, insolvency occurs when your total liabilities exceed your total assets. Insolvency is divided into two categories: cash flow and balance sheet.
In Australia, an external administrator, also called an insolvency practitioner, is an independent person that is formally appointed to control an insolvent company's affairs. External administrators can be appointed either by the company's directors, a secured creditor , or by a court, and include: provisional liquidators , liquidators ...
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