Virgin Islands Liquidation of Partnership with Authority, Rights and Obligations during Liquidation
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FAQ
If the debtor company is in possession of goods belonging to a creditor, and the creditor can prove ownership, they have the right to make a claim for their return, or reimbursement via the liquidator. Unsecured creditors can claim interest on the debt up to the date of liquidation under certain circumstances.
A liquidator must be a natural person and cannot be a corporate entity. However, certain individuals are restricted from acting as liquidators including undischarged bankrupts and persons (and their close relatives) involved in the management of the company in the previous two years.
Creditor's rights can refer to many different aspects of creditor-debtor and creditor-creditor relations including a creditor's rights to place a lien on a debtor's property, garnish a debtor's wages, set aside a fraudulent conveyance, and contact the debtor and relatives.
If a contract with a dissolved company exists, the contract will stay legally valid. The only exception to this rule is if there was a lease termination clause negotiated into your contract that specifically addresses your business closing.
If a company goes into liquidation, all of its assets are distributed to its creditors. Secured creditors are first in line. Next are unsecured creditors, including employees who are owed money. Stockholders are paid last.
The rules require an insolvency professional to be independent of the corporate debtor in order to act as a liquidator for the company. Under IBC, a liquidator attempts to realise the assets of the company at the best possible value under the supervision of the National Company Law Tribunal (NCLT).
(2) A secured creditor participating in the meetings of the creditors and voting in relation to the repayment plan shall forfeit his right to enforce the security during the period of the repayment plan in accordance with the terms of the repayment plan. (b) the estimated value of the unsecured part of the debt.
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due.
Contracts When a Business is Bought or Sold As part of the buy/sell process, a new contract may be substituted for a previous contract, with the agreement of both parties.
Effect of liquidation on uncompleted contracts The liquidator cannot be compelled by the other contracting party to render specific performance in terms of the contract; however, the other contracting party remains vested with its normal common law contractual rights to cancel the contract after liquidation.
