Liquidating sale california
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A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily.Before the claims are met, secured creditors are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid security interest.In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to the preferential creditors.Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.
The liquidator will normally have a duty to ascertain whether any misconduct has been conducted by those in control of the company which has caused prejudice to the general body of creditors.
The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action.
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