Dissolution and Liquidation of the Company Sample Clauses
The "Dissolution and Liquidation of the Company" clause defines the procedures and conditions under which a company may be formally dissolved and its assets liquidated. It typically outlines the steps required to initiate dissolution, such as obtaining necessary approvals from stakeholders, and details the process for settling debts, distributing remaining assets among shareholders, and handling outstanding obligations. This clause ensures an orderly and transparent winding-up process, protecting the interests of creditors and stakeholders while providing a clear roadmap for concluding the company's affairs.
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Dissolution and Liquidation of the Company. 8.1. Dissolution Events 8.2. Liquidation
Dissolution and Liquidation of the Company. The Company shall be dissolved and its affairs wound up by written action of the Member, or as otherwise provided under the Act. Upon the winding up of the Company, the Company’s assets shall be distributed to creditors, including, to the extent permitted by law, the Member if it is a creditor, in satisfaction of the Company’s liabilities, and then to the Member. Such distributions shall be in cash, property other than cash, or partly in both, as determined by the Member. Upon the completion of the winding up of the Company, the Member shall cause articles of dissolution to be executed on behalf of the Company and filed with the Illinois Secretary of State, and the Member shall execute, acknowledge, and file any and all other instruments necessary or appropriate to reflect the Company’s dissolution.
Dissolution and Liquidation of the Company. 19 8.1 Dissolution................................................................................. 19 8.2
Dissolution and Liquidation of the Company. Upon receipt of approval from the Board of Directors and shareholders of the Company for the Liquidation, the Company shall liquidate and distribute the Purchase Price and Retained Assets no later than 30 days after the Closing Date.
Dissolution and Liquidation of the Company. Section 8.1 Events Causing Dissolution...............................................................25 Section 8.2 Liquidating Trustee......................................................................25 Section 8.3 Liquidation..............................................................................26 Section 8.4 Termination..............................................................................26
Dissolution and Liquidation of the Company. If the Company is dissolved for any reason, the Company shall undergo liquidation, which must be completed within three months after the shareholders’ meeting passes a resolution to dissolve the Company
Dissolution and Liquidation of the Company. 50 Section 6.1. Events Causing Dissolution . . . . . . . . . . . . . . . . . . . . . . . . . .50
Dissolution and Liquidation of the Company. Dissolution
Dissolution and Liquidation of the Company. 40 Section 14.1. Dissolution...................................................................40 Section 14.2. Liquidation...................................................................40 Section 14.3. Appointment of Selling Agent..................................................42 Section 14.4. Reserve.......................................................................43 Section 14.5. Final Accounting..............................................................43
Dissolution and Liquidation of the Company. (1) The company is dissolved: i. if its purpose was achieved or it became unattainable ii. by unanimous decision of the Partners at any time or as otherwise prescribed by law
(2) After the dissolution of the company, its liquidation follows. Liquidators of the company are appointed its Partners at the time of its dissolution.
(3) The liquidators are obliged to carry out the inventory of the corporate property and the collection of any claims of the company and the payment of all its obligations. They are then obliged to return to the Partners their contributions unless the Assembly of Partners decides otherwise. Any remaining assets will be allocated in accordance with a decision of the Assembly of Partners to a non-profit foundation or other local or foreign non-profit entity active in the same or similar purposes as the Company.
(4) The service of the liquidator is unpaid, apart from his actual expenses for the completion of his work.