The liquidator files statements of Affairs annually with the Official Receiver and Statements of Accounts semi-annually with the Registrar of Companies. Much of the information regarding the liquidation process, including costs associated with the liquidation, can be found in the Statement of Accounts and by visiting the DIC website.
The Liquidator may communicate either individually or collectively with creditors. The Court-appointed liquidator may call a Creditors’ Meeting to ascertain creditors’ opinions on matters relating to the winding up of the company. High value creditors of the company may be entitled to request the liquidator to convene a Creditors’ Meeting …
All creditors rank equally in terms of voting rights.
This is the general order of priority for payment of dividends (S435 CA): Rates and taxes Cost and expenses of winding up Preferential debts e.g. wages/salaries, workmen’s compensation/leave entitlement Floating charges e.g. debentures (secured charge) Ordinary unsecured creditors e.g. judgment creditors, general body of creditors Members/shareholders (only when creditors have …
Traditionally, distribution is made in cash. For any other form of distribution, the liquidator would solicit the support of the creditors and the sanction of the Court.
The general rules for payment of dividends to creditors are: Only admitted claims can be paid; All assets must have been realised and all enforceable debts and liabilities proven before a dividend payout is made; The liquidator and creditors must clear mutual debts and credits through set-off; (S434 CA imports …
This is a formal Notice of the Liquidator’s intention to declare a dividend which is published in the Gazette and newspaper not more than two (2) months before the Liquidator actually declares a dividend. At the same time, the Liquidator must give notice to the creditors mentioned in the statement …
The Liquidator shall place a notice of dividend in the Gazette and newspaper and shall also send a notice of dividend to each creditor whose Form 55 – Proof of Debt has been admitted. The notice shall specify how many cents on the dollar will be paid and the date …
Creditors may access the Statement of Accounts of the liquidation in progress which are filed semi-annually with the Registrar of Companies. Relevant web links The Deposit Insurance Corporation was established by the Central Bank and Financial Institutions (Non-Banking) (Amendment) Act 1986 Part VB http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/79.02.pdf#page=44 The liquidation of a company is …
