单词 | creditors' voluntary liquidation |
释义 | creditors' voluntary liquidationDefinition 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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