Colorado Liquidation Proposal
Description
How to fill out Liquidation Proposal?
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FAQ
The primary difference between the two procedures is that company administration aims to help the company repay debts in order to escape insolvency (if possible), whereas liquidation is the process of selling all assets before dissolving the company completely.
Insolvent liquidation occurs when a company cannot carry on for financial reasons. The overall aim of an insolvent liquidation process is to provide a dividend for all classes of creditor, but it is often the case that unsecured creditors receive little, if any, return.
If the insolvency resolution process fails or financial creditors decide that the business of debtor cannot be carried on profitably and it should be wound up, the debtor will undergo liquidation process and the assets of the debtor are realized and distributed by the liquidator.
What is insolvency? There are two sorts of insolvency. Balance sheet insolvency is where the company's liabilities exceed its assets. Cash flow insolvency is where a company cannot pay its debts as they fall due.
Simply being insolvent does not provide enough grounds for a company's creditors to petition for bankruptcy or liquidation. There must be a genuine default of an agreed payment or liability. Liquidation however, is the legal ending of a limited company, which stops a business from trading or employing staff.
What are the differences between liquidation and dissolution? Dissolving a company through the process of dissolution often takes place when a company is solvent, but is no longer trading. Liquidation however, occurs due to a company having financial difficulties and therefore being unable to keep up with their debts.
The principle effects of liquidation are that the limited company stops trading immediately, and the directors role ends. A liqudator will close down the company, make employees redundant and sell off assets for the benefit for corporate creditors.
Most companies advance an insolvent liquidation because: The business cannot pay its debts as and when they fall due. Liabilities exceed total assets. The business is making losses and there are minimal prospects to turn it around. The directors are finding it hard to cope with the stress and pressure of trading.