MEMBERS' VOLUNTARY LIQUIDATION
\mˈɛmbəz vˈɒləntəɹi lˌɪkwɪdˈe͡ɪʃən], \mˈɛmbəz vˈɒləntəɹi lˌɪkwɪdˈeɪʃən], \m_ˈɛ_m_b_ə_z v_ˈɒ_l_ə_n_t_ə_ɹ_i l_ˌɪ_k_w_ɪ_d_ˈeɪ_ʃ_ə_n]\
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A solvent firm's liquidation by a resolution passed for voluntary shutdown of the business by its shareholders who also typically choose and appoint the liquidator. It requires a statutory solvency declaration by the firm's board of directors as it is not an insolvency procedure. It is commonly a criminal offense to make this declaration without solid justification. A qualified liquidator must be appointed after the resolution even if a court is not involved. If the firm's assets are insufficient to cover its debts, unsecured creditors can take charge of the liquidation process, which is then called a compulsory liquidation. Also known as members' voluntary winding up, or just voluntary winding up.
By Henry Campbell Black
Word of the day
Platidiam
- An inorganic water-soluble platinum complex. After undergoing hydrolysis, it reacts DNA produce both intra interstrand crosslinks. These crosslinks appear to impair replication and transcription of DNA. The cytotoxicity cisplatin correlates with cellular arrest in G2 phase cell cycle.
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