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  • Osier Property (pty) Ltd (in Liquidation) 2020

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When you liquidate a company, its assets are used to pay off its debts. Any money left goes to shareholders.

Liquidation is the process of converting a company's assets into cash, and using those funds to repay, as much as possible, the company's debts. Liquidation results in the company being shut down.

A liquidator is a person with the legal authority to act on behalf of a company to sell the company's assets before the company closes in order to generate cash for a variety of reasons including debt repayment. Liquidators are generally assigned by the court, by unsecured creditors, or by the company's shareholders.

The appointment of a liquidator, which means that the powers of the directors cease, usually takes between one and two weeks. If more than 90% of shareholders agree to short notice, liquidation can happen within seven days.

Examples of Asset Liquidation Complete Voluntary LiquidationA typewriter manufacturer sells off all its assetsPartial Government Induced LiquidationThe government forces a typewriter manufacturer to sell off half its assets and use the revenue generated to pollution filters4 more rows • 15 Jan 2023

Liquidate means converting property or assets into cash or cash equivalents by selling them on the open market. Liquidation similarly refers to the process of bringing a business to an end and distributing its assets to claimants. Liquidation of assets may be either voluntary or forced.

The liquidator is an authorised insolvency practitioner or official receiver who runs the liquidation process. As soon as the liquidator is appointed, they'll take control of the business. They will: settle any legal disputes or outstanding contracts.

Liquidation is the process of selling off assets and using the proceeds to pay off creditors and shareholders. It is triggered when a company is insolvent and is unable to pay its debts. Liquidation can also be voluntary, when the company decides to go out of business and liquidate its assets.

(1) An insolvency professional shall be eligible to be appointed as a liquidator if he, and every partner or director of the insolvency professional entity of which he is a partner or director, is independent of the corporate debtor.

In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232