At this meeting the creditors vote to appoint a liquidator. So, this is why it’s called Creditors Voluntary Liquidation.It’s very common, quick and a very powerful way to close a business and deal with things properly.Auctions feature no buyer’s premium and no reserve bidding; the fastest way to move quantities of product.Ship the goods to our warehouse for liquidation at auction, and receive payments within 1 week of each auction.Creditors Voluntary Liquidation is started by the directors, they tell the shareholders the company is not viable, it is insolvent and they must stop trading.The shareholders then ask a licensed insolvency practitioner to call a creditors meeting as soon as possible (not less than 14 days notice is required, but its usually 21 or so days).Everything they said they would do to move our close-outs at a fair price was done and completed in a timely fashion.I highly recommend Via Trading to any vendor trying to move overstocked inventory in an efficient and fair way.”“My partner and I used Via Trading to liquidate a large party store inventory.
When a corporation undergoes liquidation, the money received by stockholders in lieu of their stock is usually treated as a sale or exchange of the stock resulting in its treatment as a capital gain or loss for Income Tax purposes.The function of a liquidator is to convert the assets of the company into cash, which is then distributed among the creditors to pay off (so far as possible) the debts of the company. loss severity fell for most property types, the overall loss severity (including all resolution types) actually increased for multifamily (250 bps), office (170 bps) and hotel properties (1020 bps), while retail (980 bps), healthcare (3680 bps)and other (930 bps)property type loss severity fell in 2005.and dissolution of Tripos provides a greater certainty of value to our stockholders than the continued uncertainty of operating Tripos in its current form or under any other structure that we might reasonably put in place.If a liquidator suspects that people involved with the company may have committed offences and the liquidator reports this to ASIC, the liquidator may also be able to apply to ASIC for funding under the Assetless Administration Fund to carry out a further investigation into the allegations.
A liquidator may call a creditors’ meeting from time to time to inform creditors of the progress of the liquidation, to find out their wishes on a particular matter or seek approval of the liquidator’s fees.
The process is easy, the return is fair and most importantly it helps keep our warehouse clean and efficient.”“Over the years I have dealt with many companies on liquidating excess inventory.