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单词 creditors' voluntary liquidation
释义

creditors' voluntary liquidation

Definition
Sale of the assets of an insolvent firm by its stockholders (shareholders), without a statutory declaration of solvency and without involving any court procedure. Although it is initiated when the shareholders adopt a resolution for voluntary winding up of the business, it is the unsecured creditors who have the right to appoint the liquidator. See also members' voluntary liquidation.
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更新时间:2025/5/30 10:07:05