Maine Plan of Liquidation
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FAQ
The liquidation of a company is when the company's assets are sold and the company ceases operations and is deregistered. The assets are sold to pay back various claimants, such as creditors and shareholders.
Liquidation Plan means with respect to any Company or any Fund, a plan of liquidation, a plan to dispose of a substantial portion of its assets out of the ordinary course of business (except in connection with a Permitted Merger) or any other plan of action with similar effect.
The purpose of liquidation is to ensure that all the company's affairs have been dealt with and all its assets realised. When this has been done, the liquidator will apply to have the company removed from the register at the Companies House and dissolved, which means it ceases to exist.
If a Maine LLC is administratively dissolved, it has to file all the annual reports and fees it missed before it can reinstate. The annual report fee for domestic LLCs is $85. There is also a $150 reinstatement penalty fee assessed for each year the LLC failed to file an annual report.
