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It implies that the corporation will require assistance and lower their finance.
Instead, it asks the liquidator to keep the books and notify the Registrar of such fact by letter.)The liquidation process takes approximately one to two years to complete, depending on the number of years the company had been in operation and whether its books were properly maintained and tax returns filed as required by law. Chaninat & Leeds, also helped to develop materials for this website.How Assets and Shareholders Are Dealt With In The Case Of Liquidation and Dissolution Asset management in business dissolution is determined by the current position of the ideal stock.Like other rights accessible by the ideal stock, the credential of preference makes the key governing document, which basically decides the sum to be expected by chosen shareholders (Houghton, 2002).The date of such financial statements must be the date of the second shareholders' meeting (i.e., the confirming meeting).Once the liquidator has cleared the assets and liabilities and has called on debtors for payment of debts to the company, the liquidator must call a final meeting of the shareholders to approve the final liquidation of the company.