Liquidations

The ADAMPRIMUS Restructuring and Reorganization also provides shareholders or holding companies with services to liquidate solvent corporations. This may happen when the corporations have outlived its usefulness or when members desire the assets to be sold and distributed. This normally takes the form of a Members' Voluntary Liquidation.

Where the corporation is insolvent and the directors and shareholders are of the view that the corporation cannot continue with its business, the directors and shareholders can proceed to wind up the corporation. The creditors do have the power to appoint a liquidator of their choice under this winding up mode know as a Creditors Voluntary Winding Up.

Where a corporation is unable to pay the creditors their amount due, the creditors have the option to petition the Court to liquidate the corporation. The Liquidators appointed by the Courts to ensure that they take into their custody all the assets of the corporation, realize these assets, distribute the proceeds based on the respective rights and entitlements of the creditors and thereafter apply to dissolve the corporation. This is normally termed as a Compulsory Winding-up or Court Liquidation.