The parties who are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: The grounds upon which one can apply for a compulsory liquidation also vary between jurisdictions, but the normal grounds to enable an application to the court for an order to compulsorily wind-up the company are: A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations.
It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there is a breach of an understanding that all of the members may participate in the business, Upon hearing the application, the court may either dismiss the petition, or make the order for winding-up.
Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve.
Just think, all the liquidation sale attendees seeing and talking about your home for sale.
If you have a liquidation sale, the liquidators have arranged the house to its best advantage.
This is used, for instance, when a retail establishment wants to close stores.
They will sell to a company that specializes in store liquidation instead of attempting to run a store closure sale themselves.