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The Companies and Allied Matters Act provides that before a petition is filed in court, the creditor must be able to establish that the debt owed by the company exceeds N2,000 and that the company failed or refused to pay this amount after a statutory demand notice had been served on it.
However, a liquidation petition does not automatically lead to liquidation.
Once a company has been wound up, its contracts are terminated.
The appointed liquidator has no power to carry on the contracts.
As of the Record Date, all common stockholders, holders of vested options and certain former limited partners of the Company's operating partnerships (each, a "beneficiary") will automatically become the holder of one unit of beneficial interest in the Trust"), formed pursuant to the recently confirmed and consummated Seventh Amended Joint Plan of Affiliated Debtors under Chapter 11 of the United States Bankruptcy Code (as modified, the "Plan") of Washington Mutual, Inc.
The liquidator’s powers and responsibilities include: What is the extent of the court’s involvement in liquidation procedures?Are there any structural or regulatory differences between voluntary liquidation and compulsory liquidation?