Rules for liquidating a company

28-Jan-2017 20:10

The company liquidation procedure in Russia is regulated by the Civil Code.

A Russian company may be liquidated in two ways: voluntarily, if the founders decide to do so or by a court decision.

In finance and economics, liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. Bankruptcy Code governs liquidation proceedings; solvent companies can also file for Chapter 7, but this is uncommon.

The company’s operations are brought to an end, and its assets are divvied up among creditors and shareholders, according to the priority of their claims. Not all bankruptcies involve liquidation; Chapter 11, for example, involves rehabilitating the bankrupt entity and restructuring its debts.

A liquidation committee will take all the Board Members’ responsibilities and represent the company in court.

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In a compulsory liquidation one or more of your creditors petitions to the court to have your company forced into liquidation so that all of its assets can be sold and the proceeds used to repay outstanding debts.It is a truism of business that a going concern is always worth more than its parts.It's a good rule unless the business is actually losing money and cannot be turned around.There is no particular magic involved in this valuation.

The assets of a running business include its clients and their purchases.

Since IPs are legally obligated to act in the best interests of an insolvent company's creditors, usually your lenders, the bank, and/or HMRC will be willing to accept the arrangement if it is viable.

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