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subsection</span> </button> <ul id="toc-Compulsory_liquidation-sublist" class="vector-toc-list"> <li id="toc-Grounds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Grounds"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Grounds</span> </div> </a> <ul id="toc-Grounds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_order" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_order"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>The order</span> </div> </a> <ul id="toc-The_order-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Administrative_Receiver" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Administrative_Receiver"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Administrative Receiver</span> </div> </a> <ul id="toc-Administrative_Receiver-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Voluntary_liquidation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Voluntary_liquidation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Voluntary liquidation</span> </div> </a> <ul id="toc-Voluntary_liquidation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Misconduct" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Misconduct"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Misconduct</span> </div> </a> <ul id="toc-Misconduct-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Priority_of_claims" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Priority_of_claims"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Priority of claims</span> </div> </a> <ul id="toc-Priority_of_claims-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Dissolution" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Dissolution"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Dissolution</span> </div> </a> <ul id="toc-Dissolution-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Striking_off_the_register" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Striking_off_the_register"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Striking off the register</span> </div> </a> <ul id="toc-Striking_off_the_register-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Provisional_liquidation" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Provisional_liquidation"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Provisional liquidation</span> </div> </a> <ul id="toc-Provisional_liquidation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Phoenix_companies" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Phoenix_companies"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Phoenix companies</span> </div> </a> <ul id="toc-Phoenix_companies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " 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Available in 33 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-33" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">33 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Likwidasie" title="Likwidasie – Afrikaans" lang="af" hreflang="af" data-title="Likwidasie" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%AA%D8%B5%D9%81%D9%8A%D8%A9_%D8%B4%D8%B1%D9%83%D8%A9" title="تصفية شركة – Arabic" lang="ar" hreflang="ar" data-title="تصفية شركة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-bar mw-list-item"><a href="https://bar.wikipedia.org/wiki/Liquidation" title="Liquidation – Bavarian" lang="bar" hreflang="bar" data-title="Liquidation" data-language-autonym="Boarisch" data-language-local-name="Bavarian" class="interlanguage-link-target"><span>Boarisch</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Liquidaci%C3%B3" title="Liquidació – Catalan" lang="ca" hreflang="ca" data-title="Liquidació" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs badge-Q70894304 mw-list-item" title=""><a href="https://cs.wikipedia.org/wiki/Likvidace_spole%C4%8Dnosti" title="Likvidace společnosti – Czech" lang="cs" hreflang="cs" data-title="Likvidace společnosti" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Likvidation" title="Likvidation – Danish" lang="da" hreflang="da" data-title="Likvidation" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Liquidation" title="Liquidation – German" lang="de" hreflang="de" data-title="Liquidation" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CE%BA%CE%BA%CE%B1%CE%B8%CE%AC%CF%81%CE%B9%CF%83%CE%B7" title="Εκκαθάριση – Greek" lang="el" hreflang="el" data-title="Εκκαθάριση" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Sociedad_mercantil#Disolución_y_liquidación_de_las_sociedades_mercantiles" title="Sociedad mercantil – Spanish" lang="es" hreflang="es" data-title="Sociedad mercantil" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%AA%D8%B5%D9%81%DB%8C%D9%87_%D8%B4%D8%B1%DA%A9%D8%AA" title="تصفیه شرکت – Persian" lang="fa" hreflang="fa" data-title="تصفیه شرکت" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Liquidation_judiciaire" title="Liquidation judiciaire – French" lang="fr" hreflang="fr" data-title="Liquidation judiciaire" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%B2%AD%EC%82%B0" title="청산 – Korean" lang="ko" hreflang="ko" data-title="청산" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AA%E0%A4%B0%E0%A4%BF%E0%A4%B8%E0%A4%AE%E0%A4%BE%E0%A4%AA%E0%A4%A8" title="परिसमापन – Hindi" lang="hi" hreflang="hi" data-title="परिसमापन" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Likuidasi" title="Likuidasi – Indonesian" lang="id" hreflang="id" data-title="Likuidasi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Liquidazione" title="Liquidazione – Italian" lang="it" hreflang="it" data-title="Liquidazione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%A4%D7%99%D7%A8%D7%95%D7%A7_%D7%97%D7%91%D7%A8%D7%95%D7%AA" title="פירוק חברות – Hebrew" lang="he" hreflang="he" data-title="פירוק חברות" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Likidasyon" title="Likidasyon – Haitian Creole" lang="ht" hreflang="ht" data-title="Likidasyon" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%81%D0%BA%D0%B0_%D0%BB%D0%B8%D0%BA%D0%B2%D0%B8%D0%B4%D0%B0%D1%86%D0%B8%D1%98%D0%B0" title="Економска ликвидација – Macedonian" lang="mk" hreflang="mk" data-title="Економска ликвидација" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Pembubaran" title="Pembubaran – Malay" lang="ms" hreflang="ms" data-title="Pembubaran" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Liquidatie_(financieel)" title="Liquidatie (financieel) – Dutch" lang="nl" hreflang="nl" data-title="Liquidatie (financieel)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E6%B8%85%E7%AE%97" title="清算 – Japanese" lang="ja" hreflang="ja" data-title="清算" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Likvidasjon" title="Likvidasjon – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Likvidasjon" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Post%C4%99powanie_upad%C5%82o%C5%9Bciowe" title="Postępowanie upadłościowe – Polish" lang="pl" hreflang="pl" data-title="Postępowanie upadłościowe" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Liquida%C3%A7%C3%A3o" title="Liquidação – Portuguese" lang="pt" hreflang="pt" data-title="Liquidação" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9B%D0%B8%D0%BA%D0%B2%D0%B8%D0%B4%D0%B0%D1%86%D0%B8%D1%8F_%D1%8E%D1%80%D0%B8%D0%B4%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%BE%D0%B3%D0%BE_%D0%BB%D0%B8%D1%86%D0%B0" title="Ликвидация юридического лица – Russian" lang="ru" hreflang="ru" data-title="Ликвидация юридического лица" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Likvidacija_(ekonomija)" title="Likvidacija (ekonomija) – Slovenian" lang="sl" hreflang="sl" data-title="Likvidacija (ekonomija)" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Likvidacija_(privreda)" title="Likvidacija (privreda) – Serbian" lang="sr" hreflang="sr" data-title="Likvidacija (privreda)" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Likvidacija_(ekonomija)" title="Likvidacija (ekonomija) – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Likvidacija (ekonomija)" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Likvidation" title="Likvidation – Swedish" lang="sv" hreflang="sv" data-title="Likvidation" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%81%E0%B8%B2%E0%B8%A3%E0%B8%8A%E0%B8%B3%E0%B8%A3%E0%B8%B0%E0%B8%9A%E0%B8%B1%E0%B8%8D%E0%B8%8A%E0%B8%B5" title="การชำระบัญชี – Thai" lang="th" hreflang="th" data-title="การชำระบัญชี" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%9B%D1%96%D0%BA%D0%B2%D1%96%D0%B4%D0%B0%D1%86%D1%96%D1%8F_%D1%8E%D1%80%D0%B8%D0%B4%D0%B8%D1%87%D0%BD%D0%BE%D1%97_%D0%BE%D1%81%D0%BE%D0%B1%D0%B8" title="Ліквідація юридичної особи – Ukrainian" lang="uk" hreflang="uk" data-title="Ліквідація юридичної особи" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Thanh_l%C3%BD" title="Thanh lý – Vietnamese" lang="vi" hreflang="vi" data-title="Thanh lý" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E6%B8%85%E7%9B%A4" title="清盤 – Chinese" lang="zh" hreflang="zh" data-title="清盤" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q885621#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs 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.sidebar{width:100%!important;clear:both;float:none!important;margin-left:0!important;margin-right:0!important}}body.skin--responsive .mw-parser-output .sidebar a>img{max-width:none!important}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-night .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><style data-mw-deduplicate="TemplateStyles:r1202158006">.mw-parser-output .law-sidebar .sidebar-heading{background:#aaddff;color:#000}.mw-parser-output .law-sidebar .sidebar-above{font-weight:normal}.mw-parser-output .law-sidebar .sidebar-below{padding:0.4em;border-top:1px #aaa solid;font-weight:normal;font-size:smaller}</style><table class="sidebar nomobile nowraplinks hlist law-sidebar"><tbody><tr><th class="sidebar-title"><a href="/wiki/Insolvency" title="Insolvency">Insolvency</a></th></tr><tr><td class="sidebar-image"><figure class="mw-halign-center" typeof="mw:File"><a href="/wiki/File:Peter_Paul_Rubens_(1577-1640)_(style_of)_-_A_Hand_Holding_an_Empty_Purse,_The_Emblem_of,_%E2%80%98No_suffering_can_compare%27_(with_that_of_the_bankrupt_spendthrift)_-_1298194_-_National_Trust.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/100px-thumbnail.jpg" decoding="async" width="100" height="131" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/150px-thumbnail.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a4/Peter_Paul_Rubens_%281577-1640%29_%28style_of%29_-_A_Hand_Holding_an_Empty_Purse%2C_The_Emblem_of%2C_%E2%80%98No_suffering_can_compare%27_%28with_that_of_the_bankrupt_spendthrift%29_-_1298194_-_National_Trust.jpg/200px-thumbnail.jpg 2x" data-file-width="915" data-file-height="1200" /></a><figcaption></figcaption></figure></td></tr><tr><th class="sidebar-heading"> Processes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_(law)" title="Administration (law)">Administration</a></li> <li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7 (US)</a></li> <li><a href="/wiki/Company_voluntary_arrangement" title="Company voluntary arrangement">CVA</a></li> <li><a href="/wiki/Conservatorship" title="Conservatorship">Conservatorship</a></li> <li><a href="/wiki/Dissolution_(law)" title="Dissolution (law)">Dissolution</a></li> <li><a href="/wiki/Examinership" title="Examinership">Examinership</a></li> <li><a href="/wiki/Individual_voluntary_arrangement" title="Individual voluntary arrangement">IVA</a></li> <li><a class="mw-selflink selflink">Liquidation</a></li> <li><a href="/wiki/Provisional_liquidation" title="Provisional liquidation">Provisional liquidation</a></li> <li><a href="/wiki/Receivership" title="Receivership">Receivership</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Officials</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Insolvency_practitioner" title="Insolvency practitioner">Insolvency practitioner</a></li> <li><a href="/wiki/Tribunal" title="Tribunal">Tribunal</a></li> <li><a href="/wiki/Regulatory_agency" title="Regulatory agency">Regulatory agency</a></li> <li><a href="/wiki/Liquidator_(law)" title="Liquidator (law)">Liquidator</a></li> <li><a href="/wiki/Referee_in_Bankruptcy" title="Referee in Bankruptcy">Referee in Bankruptcy</a></li> <li><a href="/wiki/Trustee_in_bankruptcy" title="Trustee in bankruptcy">Trustee in bankruptcy</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Claimants</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Creditor" title="Creditor">Creditor</a></li> <li><a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a></li> <li><a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a></li> <li><a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Restructuring</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Administration_in_United_Kingdom_law" title="Administration in United Kingdom law">Administration (UK)</a></li> <li><a href="/wiki/Chapter_11,_Title_11,_United_States_Code" title="Chapter 11, Title 11, United States Code">Chapter 11 (US)</a></li> <li><a href="/wiki/Cram_down" title="Cram down">Cram down</a></li> <li><a href="/wiki/Restructuring" title="Restructuring">Restructuring</a></li> <li><a href="/wiki/Scheme_of_arrangement" title="Scheme of arrangement">Scheme of arrangement</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Avoidance regimes</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_conveyance" title="Fraudulent conveyance">Fraudulent conveyance</a></li> <li><a href="/wiki/Undervalue_transaction" title="Undervalue transaction">Undervalue transaction</a></li> <li><a href="/wiki/Unfair_preference" title="Unfair preference">Unfair preference</a></li> <li><a href="/wiki/Voidable_floating_charge" title="Voidable floating charge">Voidable floating charge</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Offences</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Fraudulent_trading" title="Fraudulent trading">Fraudulent trading</a></li> <li><a href="/wiki/Misfeasance" title="Misfeasance">Misfeasance</a></li> <li><a href="/wiki/Trading_while_insolvent" title="Trading while insolvent">Trading while insolvent</a></li> <li><a href="/wiki/Wrongful_trading" title="Wrongful trading">Wrongful trading</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Security</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Floating_charge" title="Floating charge">Floating charge</a></li> <li><a href="/wiki/Lien" title="Lien">Lien</a></li> <li><a href="/wiki/Mortgage" title="Mortgage">Mortgage</a></li> <li><a href="/wiki/Second_lien_loan" title="Second lien loan">Second lien loan</a></li> <li><a href="/wiki/Security_interest" title="Security interest">Security interest</a></li></ul></td> </tr><tr><th class="sidebar-heading"> International</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Chapter_15,_Title_11,_United_States_Code" title="Chapter 15, Title 11, United States Code">Chapter 15 (US)</a></li> <li><a href="/wiki/Cross-border_insolvency" title="Cross-border insolvency">Cross-border insolvency</a></li> <li><a href="/wiki/Insolvency_Regulation" title="Insolvency Regulation">Insolvency Regulation</a></li> <li><a href="/wiki/UNCITRAL_Model_Law_on_Cross-Border_Insolvency" title="UNCITRAL Model Law on Cross-Border Insolvency">UNCITRAL Model Law</a></li></ul></td> </tr><tr><th class="sidebar-heading"> By country</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anguillan_bankruptcy_law" title="Anguillan bankruptcy law">Anguilla</a></li> <li><a href="/wiki/Australian_insolvency_law" title="Australian insolvency law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_bankruptcy_law" title="British Virgin Islands bankruptcy law">BVI</a></li> <li><a href="/wiki/Insolvency_law_of_Canada" title="Insolvency law of Canada">Canada</a></li> <li><a href="/wiki/Cayman_Islands_bankruptcy_law" title="Cayman Islands bankruptcy law">Cayman</a></li> <li><a href="/wiki/Bankruptcy_in_China" title="Bankruptcy in China">China</a></li> <li><a href="/wiki/Hong_Kong_insolvency_law" title="Hong Kong insolvency law">Hong Kong</a></li> <li><a href="/wiki/Insolvency_and_Bankruptcy_Code" class="mw-redirect" title="Insolvency and Bankruptcy Code">India</a></li> <li><a href="/wiki/Bankruptcy_Law_in_the_Republic_of_Ireland" title="Bankruptcy Law in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Insolvency_law_of_Russia" title="Insolvency law of Russia">Russia</a></li> <li><a href="/wiki/South_African_insolvency_law" title="South African insolvency law">South Africa</a></li> <li><a href="/wiki/Insolvency_law_of_Switzerland" title="Insolvency law of Switzerland">Switzerland</a></li> <li><a href="/wiki/United_Kingdom_insolvency_law" title="United Kingdom insolvency law">United Kingdom</a></li> <li><a href="/wiki/Bankruptcy_in_the_United_States" title="Bankruptcy in the United States">United States</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Other</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anti-deprivation_rule" title="Anti-deprivation rule">Anti-deprivation rule</a></li> <li><a href="/wiki/Bankruptcy_alternatives" title="Bankruptcy alternatives">Bankruptcy alternatives</a></li> <li><a href="/wiki/Creditors%27_rights" class="mw-redirect" title="Creditors' rights">Creditors' rights</a></li> <li><a href="/wiki/Chapter_9,_Title_11,_United_States_Code" title="Chapter 9, Title 11, United States Code">Chapter 9 (US)</a></li> <li><a href="/wiki/Debtor" title="Debtor">Debtor</a></li> <li><a href="/wiki/Default_(finance)" title="Default (finance)">Default</a></li> <li><a href="/wiki/Financial_distress" title="Financial distress">Financial distress</a></li> <li><a href="/wiki/History_of_bankruptcy_law" title="History of bankruptcy law">History of bankruptcy law</a></li> <li><a href="/wiki/List_of_bankrupts" title="List of bankrupts">List of bankrupts</a></li> <li><i><a href="/wiki/Pari_passu" title="Pari passu">Pari passu</a></i></li> <li><a href="/wiki/Pre-packaged_insolvency" title="Pre-packaged insolvency">Pre-packaged insolvency</a></li> <li><a href="/wiki/Sovereign_default" title="Sovereign default">Sovereign default</a></li> <li><a href="/wiki/Subordination_(finance)" title="Subordination (finance)">Subordination</a></li></ul></td> 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href="mw-data:TemplateStyles:r1129693374"><table class="sidebar sidebar-collapse nomobile nowraplinks accounting"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Accounting" title="Category:Accounting">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Accounting" title="Accounting">Accounting</a></th></tr><tr><td class="sidebar-image"><span class="notpageimage" typeof="mw:File"><a href="/wiki/File:Ledger.png" class="mw-file-description" title="Early 19th-century German ledger"><img alt="Early 19th-century German ledger" src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/200px-Ledger.png" decoding="async" width="200" height="105" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/300px-Ledger.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e6/Ledger.png/400px-Ledger.png 2x" data-file-width="1706" data-file-height="896" /></a></span></td></tr><tr><td class="sidebar-above"> <div class="hlist"><ul><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Tax_accounting_in_the_United_States" title="Tax accounting in the United States">Tax</a></li></ul></div></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed noborder"><div class="sidebar-list-title" style="color: var(--color-base)">Major types</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Audit" title="Audit">Audit</a></li><li><a href="/wiki/Budget" title="Budget">Budget</a></li><li><a href="/wiki/Cost_accounting" title="Cost accounting">Cost</a></li><li><a href="/wiki/Forensic_accounting" title="Forensic accounting">Forensic</a></li><li><a href="/wiki/Financial_accounting" title="Financial accounting">Financial</a></li><li><a href="/wiki/Fund_accounting" title="Fund accounting">Fund</a></li><li><a href="/wiki/Governmental_accounting" title="Governmental accounting">Governmental</a></li><li><a href="/wiki/Management_accounting" title="Management accounting">Management</a></li><li><a href="/wiki/Social_accounting" title="Social accounting">Social</a></li><li><a href="/wiki/Tax_accounting" class="mw-redirect" title="Tax accounting">Tax</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Key concepts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accounting_period" title="Accounting period">Accounting period</a></li><li><a href="/wiki/Accrual" title="Accrual">Accrual</a></li><li><a href="/wiki/Constant_purchasing_power_accounting" title="Constant purchasing power accounting">Constant purchasing power</a></li><li><a href="/wiki/Economic_entity" title="Economic entity">Economic entity</a></li><li><a href="/wiki/Fair_value" title="Fair value">Fair value</a></li><li><a href="/wiki/Going_concern" title="Going concern">Going concern</a></li><li><a href="/wiki/Historical_cost" title="Historical cost">Historical cost</a></li><li><a href="/wiki/Matching_principle" title="Matching principle">Matching principle</a></li><li><a href="/wiki/Materiality_(auditing)" title="Materiality (auditing)">Materiality</a></li><li><a href="/wiki/Revenue_recognition" title="Revenue recognition">Revenue recognition</a></li><li><a href="/wiki/Unit_of_account" title="Unit of account">Unit of account</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Selected accounts</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Asset" title="Asset">Assets</a></li><li><a href="/wiki/Cash" title="Cash">Cash</a></li><li><a href="/wiki/Cost_of_goods_sold" title="Cost of goods sold">Cost of goods sold</a></li><li><a href="/wiki/Depreciation" title="Depreciation">Depreciation</a> / <a href="/wiki/Amortization_(business)" class="mw-redirect" title="Amortization (business)">Amortization (business)</a></li><li><a href="/wiki/Equity_(finance)" title="Equity (finance)">Equity</a></li><li><a href="/wiki/Expense" title="Expense">Expenses</a></li><li><a href="/wiki/Goodwill_(accounting)" title="Goodwill (accounting)">Goodwill</a></li><li><a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">Liabilities</a></li><li><a href="/wiki/Profit_(accounting)" title="Profit (accounting)">Profit</a></li><li><a href="/wiki/Revenue" title="Revenue">Revenue</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Accounting_standard" title="Accounting standard">Accounting standards</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Generally_accepted_accounting_principles" class="mw-redirect" title="Generally accepted accounting principles">Generally-accepted principles</a></li><li><a href="/wiki/Generally_accepted_auditing_standards" class="mw-redirect" title="Generally accepted auditing standards">Generally-accepted auditing standards</a></li><li><a href="/wiki/Convergence_of_accounting_standards" title="Convergence of accounting standards">Convergence</a></li><li><a href="/wiki/International_Financial_Reporting_Standards" title="International Financial Reporting Standards">International Financial Reporting Standards</a></li><li><a href="/wiki/International_Standards_on_Auditing" title="International Standards on Auditing">International Standards on Auditing</a></li><li><a href="/wiki/Management_Accounting_Principles" class="mw-redirect" title="Management Accounting Principles">Management Accounting Principles</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Financial_statement" title="Financial statement">Financial statements</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Annual_report" title="Annual report">Annual report</a></li><li><a href="/wiki/Balance_sheet" title="Balance sheet">Balance sheet</a></li><li><a href="/wiki/Cash_flow_statement" title="Cash flow statement">Cash-flow</a></li><li><a href="/wiki/Statement_of_changes_in_equity" title="Statement of changes in equity">Equity</a></li><li><a href="/wiki/Income_statement" title="Income statement">Income</a></li><li><a href="/wiki/Management_discussion_and_analysis" class="mw-redirect" title="Management discussion and analysis">Management discussion</a></li><li><a href="/wiki/Notes_to_the_financial_statements" class="mw-redirect" title="Notes to the financial statements">Notes to the financial statements</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Bookkeeping" title="Bookkeeping">Bookkeeping</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Bank_reconciliation" title="Bank reconciliation">Bank reconciliation</a></li><li><a href="/wiki/Debits_and_credits" title="Debits and credits">Debits and credits</a></li><li><a href="/wiki/Double-entry_bookkeeping_system" class="mw-redirect" title="Double-entry bookkeeping system">Double-entry system</a></li><li><a href="/wiki/FIFO_and_LIFO_accounting" title="FIFO and LIFO accounting">FIFO and LIFO</a></li><li><a href="/wiki/General_journal" title="General journal">Journal</a></li><li><a href="/wiki/Ledger" title="Ledger">Ledger</a> / <a href="/wiki/General_ledger" title="General ledger">General ledger</a></li><li><a href="/wiki/Trial_balance" title="Trial balance">Trial balance</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)"><a href="/wiki/Audit" title="Audit">Auditing</a></div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Financial_audit" title="Financial audit">Financial</a></li><li><a href="/wiki/Internal_audit" title="Internal audit">Internal</a></li><li><a href="/wiki/Accounting_networks_and_associations" class="mw-redirect" title="Accounting networks and associations">Firms</a></li><li><a href="/wiki/Auditor%27s_report" title="Auditor's report">Report</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">People and organizations</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Accountant" title="Accountant">Accountants</a></li><li><a href="/wiki/Category:Accounting_organizations" title="Category:Accounting organizations">Accounting organizations</a></li><li><a href="/wiki/Luca_Pacioli" title="Luca Pacioli">Luca Pacioli</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Development</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/History_of_accounting" title="History of accounting">History</a></li><li><a href="/wiki/Accounting_research" title="Accounting research">Research</a></li><li><a href="/wiki/Positive_accounting" title="Positive accounting">Positive accounting</a></li><li><a href="/wiki/Sarbanes%E2%80%93Oxley_Act" title="Sarbanes–Oxley Act">Sarbanes–Oxley Act</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="color: var(--color-base)">Misconduct</div><div class="sidebar-list-content mw-collapsible-content"><div class="hlist"><ul><li><a href="/wiki/Creative_accounting" title="Creative accounting">Creative</a></li><li><a href="/wiki/Earnings_management" title="Earnings management">Earnings management</a></li><li><a href="/wiki/Error_account" title="Error account">Error account</a></li><li><a href="/wiki/Hollywood_accounting" title="Hollywood accounting">Hollywood</a></li><li><a href="/wiki/Off-balance-sheet" title="Off-balance-sheet">Off-balance-sheet</a></li><li><a href="/wiki/Two_sets_of_books" title="Two sets of books">Two sets of books</a></li></ul></div></div></div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Accounting" title="Template:Accounting"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Accounting" title="Template talk:Accounting"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Accounting" title="Special:EditPage/Template:Accounting"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1066933788"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of <a href="/wiki/Category:Economics" title="Category:Economics">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle" style="border-top:1px #fafafa solid; border-bottom:1px #fafafa solid; background:#efefef;padding:0.2em;font-size:200%;"><a href="/wiki/Economics" title="Economics">Economics</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Supply-demand-equilibrium.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/120px-Supply-demand-equilibrium.svg.png" decoding="async" width="120" height="120" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/180px-Supply-demand-equilibrium.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8c/Supply-demand-equilibrium.svg/240px-Supply-demand-equilibrium.svg.png 2x" data-file-width="217" data-file-height="217" /></a></span></td></tr><tr><td class="sidebar-above"> <ul><li><a href="/wiki/History_of_economic_thought" title="History of economic thought">History</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li></ul></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Branches and <a href="/wiki/JEL_classification_codes" title="JEL classification codes">classifications</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/International_economics" title="International economics">International</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Micro</a> / <a href="/wiki/Macroeconomics" title="Macroeconomics">Macro</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical</a></li> <li><a href="/wiki/Economic_methodology" title="Economic methodology">Methodology</a></li> <li><a href="/wiki/Political_economy" title="Political economy">Political</a></li> <li><a href="/wiki/JEL_classification_codes" title="JEL classification codes">JEL classification codes</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Concepts, theory and techniques</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Economic_system" title="Economic system">Economic systems</a></li> <li><a href="/wiki/Economic_growth" title="Economic growth">Economic growth</a></li> <li><a href="/wiki/Market_(economics)" title="Market (economics)">Market</a></li> <li><a href="/wiki/National_accounts" title="National accounts">National accounting</a></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Operations_research" title="Operations research">Operations research</a></li> <li><a href="/wiki/Middle_income_trap" title="Middle income trap">Middle income trap</a></li> <li><a href="/wiki/Industrial_complex" title="Industrial complex">Industrial complex</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">By application</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agricultural</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Democracy_and_economic_growth" title="Democracy and economic growth">Democracy</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Economics_of_digitization" title="Economics of digitization">Digitization</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Expeditionary_economics" title="Expeditionary economics">Expeditionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographical</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Industrial_organization" title="Industrial organization">Industrial organization</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Managerial</a></li> <li><a href="/wiki/Monetary_economics" title="Monetary economics">Monetary</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Natural resource</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organizational</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a> / <a href="/wiki/Social_choice_theory" title="Social choice theory">Social choice theory</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Socioeconomics" class="mw-redirect" title="Socioeconomics">Socio</a></li> <li><a href="/wiki/Economic_sociology" title="Economic sociology">Sociological</a></li> <li><a href="/wiki/Solidarity_economy" title="Solidarity economy">Solidarity</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Statistics</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)">Notable <a href="/wiki/Economist" title="Economist">economists</a></div><div class="sidebar-list-content mw-collapsible-content"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul></div></div> </div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background:#efefef;;color: var(--color-base)"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><span class="nowrap"><span class="noviewer" typeof="mw:File"><span><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /></span></span> </span><a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics_sidebar" title="Template:Economics sidebar"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics_sidebar" title="Template talk:Economics sidebar"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics_sidebar" title="Special:EditPage/Template:Economics sidebar"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p><b>Liquidation</b> is the process in accounting by which a <a href="/wiki/Company_(law)" class="mw-redirect" title="Company (law)">company</a> is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as <a href="https://en.wiktionary.org/wiki/wind_up#Noun" class="extiw" title="wikt:wind up">wound-up</a> or <b>dissolved</b>, although <a href="/wiki/Dissolution_(law)" title="Dissolution (law)">dissolution</a> technically refers to the last stage of liquidation. The process of liquidation also arises when <a href="/wiki/Customs" title="Customs">customs</a>, an <a href="/wiki/Authority" title="Authority">authority</a> or <a href="/wiki/Government_agency" title="Government agency">agency</a> in a <a href="/wiki/Country" title="Country">country</a> responsible for collecting and safeguarding <a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">customs duties</a>, determines the final computation or ascertainment of the duties or drawback accruing on an entry.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p><p>Liquidation may either be compulsory (sometimes referred to as a <i>creditors' liquidation</i> or <i>receivership</i> following <a href="/wiki/Bankruptcy" title="Bankruptcy">bankruptcy</a>, which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of a liquidator e.g. <i>wind-up order</i> in Australia) or voluntary (sometimes referred to as a <i>shareholders' liquidation</i> or <i>members' liquidation</i>, although some voluntary liquidations are controlled by the creditors). </p><p>The term "liquidation" is also sometimes used informally to describe a company seeking to <a href="/wiki/Divestment" title="Divestment">divest</a> of some of its assets. For instance, a <a href="/wiki/Retail_chain" class="mw-redirect" title="Retail chain">retail chain</a> may wish to close some of its stores. For efficiency's sake, it will often sell these at a discount to a company specializing in <a href="/wiki/Real_estate_company" class="mw-redirect" title="Real estate company">real estate</a> liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability. A company may also operate in a "receivership-like" state but calmly sell its assets, for example to prevent its portfolio being written off in the event of an actual compulsory liquidation. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Compulsory_liquidation">Compulsory liquidation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=1" title="Edit section: Compulsory liquidation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The parties which are entitled by law to <a href="/wiki/Petition" title="Petition">petition</a> for the compulsory liquidation of a company vary from <a href="/wiki/Jurisdiction" title="Jurisdiction">jurisdiction</a> to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: </p> <ul><li>The company itself</li> <li>Any <a href="/wiki/Creditor" title="Creditor">creditor</a> which establishes a <i><a href="/wiki/Prima_facie" title="Prima facie">prima facie</a></i> case</li> <li>Contributories: Those shareholders be required to contribute to the company's <a href="/wiki/Asset" title="Asset">assets</a> on liquidation<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup></li> <li>A <a href="/wiki/Minister_(government)" title="Minister (government)">government minister</a>, usually the one responsible for competition and business</li> <li>An <a href="/wiki/Official_receiver" title="Official receiver">official receiver</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Grounds">Grounds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=2" title="Edit section: Grounds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The grounds upon which an entity can apply to the court for an order of compulsory liquidation also vary between <a href="/wiki/Jurisdictions" class="mw-redirect" title="Jurisdictions">jurisdictions</a>, but normally include: </p> <ul><li>The company has so resolved</li> <li>The company was incorporated as a <a href="/wiki/Corporation" title="Corporation">corporation</a>, and has not been issued with a trading certificate (or equivalent) within 12 months of registration</li> <li>It is an "old <a href="/wiki/Public_company" title="Public company">public company</a>" (i.e. one that has not re-registered as a public company or become a private company under more recent companies legislation requiring this)</li> <li>It has not commenced business within the statutorily prescribed time (normally one year) of its incorporation, or has not carried on business for a statutorily prescribed amount of time</li> <li>The number of members has fallen below the minimum prescribed by statute</li> <li>The company is unable to pay its debts as they fall due</li> <li>It is just and equitable to wind up the company, as for an example specified by an Insolvency Act<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup></li></ul> <p>In practice, the vast majority of compulsory winding-up applications are made under one of the last two grounds.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>An order will not generally be made if the purpose of the application is to enforce payment of a debt which is bona fide disputed.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations. It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there is a breach of an understanding that all of the members may participate in the business,<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> or of an implied obligation to participate in management.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> An order might be made where the majority shareholders deprive the minority of their right to appoint and remove their own director.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="The_order">The order</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=3" title="Edit section: The order"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Once liquidation commences (which depends upon applicable law, but will generally be when the petition was originally presented, and not when the court makes the order),<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> dispositions of the company's generally <a href="/wiki/Void_(law)" title="Void (law)">void</a>,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> and <a href="/wiki/Litigation" class="mw-redirect" title="Litigation">litigation</a> involving the company is generally restrained.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Upon hearing the application, the court may either dismiss the petition or make the order for winding-up. The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>The court may appoint an official receiver, and one or more <a href="/wiki/Liquidator_(law)" title="Liquidator (law)">liquidators</a>, and has general powers to enable rights and liabilities of claimants and contributories to be settled. Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and possibly of a supervisory liquidation committee. </p> <div class="mw-heading mw-heading3"><h3 id="Administrative_Receiver">Administrative Receiver</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=4" title="Edit section: Administrative Receiver"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The person appointed by the holder of a floating charge debenture over a company’s assets to collect in and realise the assets of that company and to repay the indebtedness to the debenture holder. <sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Administrative receivers can no longer be appointed by floating charge holders with the exception of floating charges created prior to 15 September 2003.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Voluntary_liquidation">Voluntary liquidation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=5" title="Edit section: Voluntary liquidation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already).<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>A creditors’ voluntary liquidation (CVL) is a process designed to allow an <a href="/wiki/Insolvent" class="mw-redirect" title="Insolvent">insolvent</a> company to close voluntarily. The decision to liquidate is made by a board resolution, but instigated by the director(s). 75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent. </p><p>If the company is <a href="/wiki/Solvency" title="Solvency">solvent</a>, and the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary liquidation (MVL). In that case, the general meeting will appoint the liquidator(s).<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> If not, the liquidation will proceed as a creditors' voluntary liquidation, and a meeting of creditors will be called, to which the directors must report on the company's affairs. Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed. </p><p>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. </p> <div class="mw-heading mw-heading2"><h2 id="Misconduct">Misconduct</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=6" title="Edit section: Misconduct"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Fraudulent_trading" title="Fraudulent trading">Fraudulent trading</a>, <a href="/wiki/Undervalue_transaction" title="Undervalue transaction">Undervalue transaction</a>, <a href="/wiki/Unfair_preference" title="Unfair preference">Unfair preference</a>, and <a href="/wiki/Wrongful_trading" title="Wrongful trading">Wrongful trading</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Unreferenced plainlinks metadata ambox ambox-content ambox-Unreferenced" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>does not <a href="/wiki/Wikipedia:Citing_sources" title="Wikipedia:Citing sources">cite</a> any <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">sources</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Liquidation" title="Special:EditPage/Liquidation">improve this section</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a>. Unsourced material may be challenged and <a href="/wiki/Wikipedia:Verifiability#Burden_of_evidence" title="Wikipedia:Verifiability">removed</a>.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Liquidation%22">"Liquidation"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Liquidation%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Liquidation%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Liquidation%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Liquidation%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Liquidation%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">April 2017</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>The <a href="/wiki/Liquidator_(law)" title="Liquidator (law)">liquidator</a> 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. In some legal systems, in appropriate cases, the liquidator may be able to bring an action against errant directors or shadow directors for either <a href="/wiki/Wrongful_trading" title="Wrongful trading">wrongful trading</a> or <a href="/wiki/Fraudulent_trading" title="Fraudulent trading">fraudulent trading</a>. </p><p>The liquidator may also have to determine whether any payments made by the company or transactions entered into may be <a href="/wiki/Voidable" title="Voidable">voidable</a> as a <a href="/wiki/Undervalue_transaction" title="Undervalue transaction">transaction at an undervalue</a> or an <a href="/wiki/Unfair_preference" title="Unfair preference">unfair preference</a>. </p> <div class="mw-heading mw-heading2"><h2 id="Priority_of_claims">Priority of claims</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=7" title="Edit section: Priority of claims"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Secured_creditor" title="Secured creditor">Secured creditor</a>, <a href="/wiki/Preferential_creditor" title="Preferential creditor">Preferential creditor</a>, and <a href="/wiki/Unsecured_creditor" title="Unsecured creditor">Unsecured creditor</a></div> <p>The main purpose of a liquidation where the company is insolvent is to collect its assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law. </p><p>The liquidator must determine the company's title to property in its possession. Property which is in the possession of the company, but which was supplied under a valid <a href="/wiki/Retention_of_title_clause" class="mw-redirect" title="Retention of title clause">retention of title clause</a> will generally have to be returned to the supplier. Property which is held by the company on <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trust</a> for third parties will not form part of the company's assets available to pay creditors.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Before the claims are met, <a href="/wiki/Secured_creditor" title="Secured creditor">secured creditors</a> are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid <a href="/wiki/Security_interest" title="Security interest">security interest</a>. In most legal systems, only fixed security takes precedence over all claims; security by way of <a href="/wiki/Floating_charge" title="Floating charge">floating charge</a> may be postponed to the <a href="/wiki/Preferential_creditor" title="Preferential creditor">preferential creditors</a>. </p><p>Claimants with non-monetary claims against the company may be able to enforce their rights against the company. For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for <a href="/wiki/Specific_performance" title="Specific performance">specific performance</a>, and compel the liquidator to transfer title to the land to them, upon tender of the purchase price.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets. Generally, the priority of claims on the company's assets will be determined in the following order: </p> <ol><li>Liquidators costs</li> <li>Creditors with fixed charge over assets</li> <li>Costs incurred by an administrator</li> <li>Amounts owing to employees for wages/superannuation</li> <li>Payments owing in respect of worker's injuries</li> <li>Amounts owing to employees for leave</li> <li>Retrenchment payments owing to employees</li> <li>Creditors with floating charge over assets</li> <li>Creditors without security over assets</li> <li>Shareholders (<a href="/wiki/Liquidating_distribution" title="Liquidating distribution">Liquidating distribution</a>)</li></ol> <p>Unclaimed assets will usually vest in the state as <i><a href="/wiki/Bona_vacantia" class="mw-redirect" title="Bona vacantia">bona vacantia</a></i>. </p> <div class="mw-heading mw-heading2"><h2 id="Dissolution">Dissolution</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=8" title="Edit section: Dissolution"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Dissolution_(law)" title="Dissolution (law)">Dissolution (law)</a></div> <p>Having wound-up the company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court. The company is then dissolved. </p><p>However, in common jurisdictions, the court has a discretion for a period of time after dissolution to declare the dissolution void to enable the completion of any unfinished business.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Striking_off_the_register">Striking off the register</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=9" title="Edit section: Striking off the register"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In some jurisdictions, the company may elect to simply be struck off the companies register as a cheaper alternative to a formal winding-up and dissolution. In such cases an application is made to the registrar of companies, who may strike off the company if there is reasonable cause to believe that the company is not carrying on business or has been wound-up and, after enquiry, no case is shown why the company should not be struck off.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>However, in such cases the company may be restored to the register if it is just and equitable so to do (for example, if the rights of any creditors or members have been prejudiced).<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </p><p>In the event the company does not file an annual return or annual accounts, and the company's file remains inactive, in due course, the registrar will strike the company off the register. </p> <div class="mw-heading mw-heading2"><h2 id="Provisional_liquidation">Provisional liquidation</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=10" title="Edit section: Provisional liquidation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Provisional_liquidation" title="Provisional liquidation">Provisional liquidation</a></div> <p>Under the corporate insolvency laws of a number of common law jurisdictions, where a company has been engaged in misconduct or where the assets of the company are thought to be in jeopardy, it is sometimes possible to put a company into <a href="/wiki/Provisional_liquidation" title="Provisional liquidation">provisional liquidation</a>, whereby a liquidator is appointed on an interim basis to safeguard the position of the company pending the hearing of the full winding-up petition.<sup id="cite_ref-Practical_26-0" class="reference"><a href="#cite_note-Practical-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> The duty of the provisional liquidator is to safeguard the assets of the company and maintain the status quo pending the hearing of the petition; the provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors.<sup id="cite_ref-Worrells_27-0" class="reference"><a href="#cite_note-Worrells-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Phoenix_companies">Phoenix companies</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=11" title="Edit section: Phoenix companies"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In the UK, many companies in <a href="/wiki/Debt" title="Debt">debt</a> decide it is more beneficial to start again by creating a new company, often referred to as a <i><a href="/wiki/Phoenix_company" title="Phoenix company">phoenix company</a></i>. In business terms this will mean liquidating a company as the only option and then resuming under a different name with the same customers, clients and suppliers. In some circumstances it may appear ideal for the directors; however, if they trade under a name which is the same or substantially the same as the company in liquidation without approval from the Court, they will be committing an offence under §216 of the <a href="/wiki/Insolvency_Act_1986" title="Insolvency Act 1986">Insolvency Act 1986</a> (and equivalent legislation in UK regions).<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> Persons participating in the management of the 'phoenix' company may also be held personally liable for the debts of the company under §217 of the Insolvency Act unless the Court approval has been granted.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=12" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/40px-Wiktionary-logo-en-v2.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/60px-Wiktionary-logo-en-v2.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/Wiktionary-logo-en-v2.svg/80px-Wiktionary-logo-en-v2.svg.png 2x" data-file-width="512" data-file-height="512" /></span></span></div> <div class="side-box-text plainlist">Look up <i><b><a href="https://en.wiktionary.org/wiki/liquidation" class="extiw" title="wiktionary:liquidation">liquidation</a></b></i> in Wiktionary, the free dictionary.</div></div> </div> <ul><li><a href="/wiki/Bankruptcy" title="Bankruptcy">Bankruptcy</a></li> <li><a href="/wiki/Chapter_7,_Title_11,_United_States_Code" title="Chapter 7, Title 11, United States Code">Chapter 7, Title 11, United States Code</a><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li> <li><a href="/wiki/Debtor-in-possession_financing" title="Debtor-in-possession financing">Debtor-in-possession financing</a></li> <li><a href="/wiki/Estate_liquidation" title="Estate liquidation">Estate liquidation</a></li> <li><a href="/wiki/Liquidating_dividend" class="mw-redirect" title="Liquidating dividend">Liquidating dividend</a></li> <li><a href="/wiki/Administration_(law)#Pre-pack_administration" title="Administration (law)">Pre-pack administration</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Liquidation&action=edit&section=13" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">19 CFR §159.1.</span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/74">"Insolvency Act 1986: Section 74"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032930/http://www.legislation.gov.uk/ukpga/1986/45/section/74">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+74&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F74&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/75">"Insolvency Act 1986: Section 75"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032944/http://www.legislation.gov.uk/ukpga/1986/45/section/75">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+75&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F75&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/122">"Insolvency Act 1986: Section 122"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032928/http://www.legislation.gov.uk/ukpga/1986/45/section/122">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+122&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F122&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFJefferson" class="citation web cs1">Jefferson, Mark. <a rel="nofollow" class="external text" href="http://www.businessrecovery.co.uk/help-centre/terminology-explained/what-is-a-winding-up-order/">"What is a Winding-Up Order"</a>. <i>Business Recovery</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131216190511/http://www.businessrecovery.co.uk/help-centre/terminology-explained/what-is-a-winding-up-order/">Archived</a> from the original on 16 December 2013<span class="reference-accessdate">. Retrieved <span class="nowrap">16 December</span> 2013</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Business+Recovery&rft.atitle=What+is+a+Winding-Up+Order&rft.aulast=Jefferson&rft.aufirst=Mark&rft_id=http%3A%2F%2Fwww.businessrecovery.co.uk%2Fhelp-centre%2Fterminology-explained%2Fwhat-is-a-winding-up-order%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text">See <i>Stonegate Securities Ltd v Gregory</i> [1980] Ch 576, per Buckley L.J. at 579.</span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><i>Ebrahimi v Westbourne Galleries</i> [1972] 2 AER 492.</span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><i>Tay Bok Choon v Tahansan Sdn Bhd</i> [1987] BCLC 472.</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><i>Re A & BC Chewing Gum Ltd</i> [1975] 1 WLR 579.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/129">"Insolvency Act 1986: Section 129"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032938/http://www.legislation.gov.uk/ukpga/1986/45/section/129">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+129&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F129&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/127">"Insolvency Act 1986: Section 127"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032926/http://www.legislation.gov.uk/ukpga/1986/45/section/127">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+127&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F127&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/130">"Insolvency Act 1986: Section 130"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808031415/http://www.legislation.gov.uk/ukpga/1986/45/section/130">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+130&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F130&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><i>Re A Company (No 001573 of 1983)</i> [1983] Com LR 202.</span> </li> <li id="cite_note-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-14">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://gaukauctions.com/post/2018/5/23/glossary-of-insolvency-terms">"Definitions of Insolvency and Bankruptcy Terms and Expressions for England and Wales"</a>. <i>gaukauctions.com</i>. GAUK Media. 23 May 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200803064312/https://gaukauctions.com/post/2018/5/23/glossary-of-insolvency-terms">Archived</a> from the original on 3 August 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">13 May</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=gaukauctions.com&rft.atitle=Definitions+of+Insolvency+and+Bankruptcy+Terms+and+Expressions+for+England+and+Wales&rft.date=2018-05-23&rft_id=https%3A%2F%2Fgaukauctions.com%2Fpost%2F2018%2F5%2F23%2Fglossary-of-insolvency-terms&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.thegazette.co.uk/all-notices/content/103878">"A guide to administrative receiverships | The Gazette"</a>. <i>www.thegazette.co.uk</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-10-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.thegazette.co.uk&rft.atitle=A+guide+to+administrative+receiverships+%7C+The+Gazette&rft_id=https%3A%2F%2Fwww.thegazette.co.uk%2Fall-notices%2Fcontent%2F103878&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/government/publications/administration-and-receivership/practice-guide-36-administration-and-receivership">"Practice guide 36: administration and receivership"</a>. <i>GOV.UK</i><span class="reference-accessdate">. Retrieved <span class="nowrap">2023-10-18</span></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=GOV.UK&rft.atitle=Practice+guide+36%3A+administration+and+receivership&rft_id=https%3A%2F%2Fwww.gov.uk%2Fgovernment%2Fpublications%2Fadministration-and-receivership%2Fpractice-guide-36-administration-and-receivership&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.gov.uk/liquidate-your-company/creditors-voluntary-liquidation">"Liquidate your limited company"</a>. <i>Gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150329035658/https://www.gov.uk/liquidate-your-company/creditors-voluntary-liquidation">Archived</a> from the original on 29 March 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Gov.uk&rft.atitle=Liquidate+your+limited+company&rft_id=https%3A%2F%2Fwww.gov.uk%2Fliquidate-your-company%2Fcreditors-voluntary-liquidation&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.clarkebell.com/blog/creditors-voluntary-liquidation-guide/">"CVL"</a>. <i>clarkebell.com</i>. 5 January 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210107100623/https://www.clarkebell.com/blog/creditors-voluntary-liquidation-guide/">Archived</a> from the original on 7 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">5 January</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=clarkebell.com&rft.atitle=CVL&rft.date=2021-01-05&rft_id=https%3A%2F%2Fwww.clarkebell.com%2Fblog%2Fcreditors-voluntary-liquidation-guide%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-19">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.clarkebell.com/blog/members-voluntary-liquidation-mvl-guide/">"MVL"</a>. <i>clarkebell.com</i>. 5 January 2021. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210107125553/https://www.clarkebell.com/blog/members-voluntary-liquidation-mvl-guide/">Archived</a> from the original on 7 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">5 January</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=clarkebell.com&rft.atitle=MVL&rft.date=2021-01-05&rft_id=https%3A%2F%2Fwww.clarkebell.com%2Fblog%2Fmembers-voluntary-liquidation-mvl-guide%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-20">^</a></b></span> <span class="reference-text">See for example, <i><a href="/wiki/Quistclose_trust" class="mw-redirect" title="Quistclose trust">Barclays Bank v Quistclose</a></i> [1970] AC 56.</span> </li> <li id="cite_note-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-21">^</a></b></span> <span class="reference-text"><i>Re Coregrange Ltd</i> [1984] BCLC 453.</span> </li> <li id="cite_note-22"><span class="mw-cite-backlink"><b><a href="#cite_ref-22">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1985/6/section/651">"Companies Act 1985: Section 651"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808031411/http://www.legislation.gov.uk/ukpga/1985/6/section/651">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Companies+Act+1985%3A+Section+651&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1985%2F6%2Fsection%2F651&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1985/6/section/652">"Companies Act 1985: Section 652"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140728150133/http://www.legislation.gov.uk/ukpga/1985/6/section/652">Archived</a> from the original on 28 July 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Companies+Act+1985%3A+Section+652&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1985%2F6%2Fsection%2F652&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1985/6/section/653">"Companies Act 1985: Section 653"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032932/http://www.legislation.gov.uk/ukpga/1985/6/section/653">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Companies+Act+1985%3A+Section+653&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1985%2F6%2Fsection%2F653&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><i>Re Priceland Limited</i> [1997] 1 BCLC 467.</span> </li> <li id="cite_note-Practical-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-Practical_26-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://uk.practicallaw.com/3-384-0074?service=finance">"Provisional liquidation: a quick guide"</a>. Practical Law. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304113926/http://uk.practicallaw.com/3-384-0074?service=finance">Archived</a> from the original on 4 March 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Provisional+liquidation%3A+a+quick+guide&rft.pub=Practical+Law&rft_id=http%3A%2F%2Fuk.practicallaw.com%2F3-384-0074%3Fservice%3Dfinance&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-Worrells-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-Worrells_27-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20150613111154/http://www.worrells.net.au/InsolvencyResources/FactsheetArticle.aspx?ArticleId=14">"Provisional Liquidation"</a>. Worrells. 25 September 2013. Archived from <a rel="nofollow" class="external text" href="http://www.worrells.net.au/InsolvencyResources/FactsheetArticle.aspx?ArticleId=14">the original</a> on 13 June 2015<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Provisional+Liquidation&rft.pub=Worrells&rft.date=2013-09-25&rft_id=http%3A%2F%2Fwww.worrells.net.au%2FInsolvencyResources%2FFactsheetArticle.aspx%3FArticleId%3D14&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/216">"Insolvency Act 1986: Section 216"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032942/http://www.legislation.gov.uk/ukpga/1986/45/section/216">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+216&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F216&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.legislation.gov.uk/ukpga/1986/45/section/217">"Insolvency Act 1986: Section 217"</a>. <i>legislation.gov.uk</i>. Crown. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140808032924/http://www.legislation.gov.uk/ukpga/1986/45/section/217">Archived</a> from the original on 8 August 2014<span class="reference-accessdate">. Retrieved <span class="nowrap">30 July</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=legislation.gov.uk&rft.atitle=Insolvency+Act+1986%3A+Section+217&rft_id=http%3A%2F%2Fwww.legislation.gov.uk%2Fukpga%2F1986%2F45%2Fsection%2F217&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSteven_N._Taieb2014" class="citation cs2">Steven N. Taieb (2014), <a rel="nofollow" class="external text" href="https://web.archive.org/web/20140418220325/http://www.taieblaw.com/chapter-7-bankruptcy.php"><i>Filing for bankruptcy</i></a>, archived from <a rel="nofollow" class="external text" href="http://www.taieblaw.com/chapter-7-bankruptcy.php">the original</a> on 18 April 2014<span class="reference-accessdate">, retrieved <span class="nowrap">18 April</span> 2014</span></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Filing+for+bankruptcy&rft.date=2014&rft.au=Steven+N.+Taieb&rft_id=http%3A%2F%2Fwww.taieblaw.com%2Fchapter-7-bankruptcy.php&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALiquidation" class="Z3988"></span></span> </li> </ol></div></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1235681985"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1237033735"><div class="side-box side-box-right plainlinks sistersitebox"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1126788409"> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/30px-Commons-logo.svg.png" decoding="async" width="30" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/45px-Commons-logo.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4a/Commons-logo.svg/59px-Commons-logo.svg.png 2x" data-file-width="1024" data-file-height="1376" /></span></span></div> <div class="side-box-text plainlist">Wikimedia Commons has media related to <span style="font-weight: bold; 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