What does liquidating mean Free sex chat numbers to text
Of course the remuneration and expenses of the liquidator, in winding up the company, are paid first (otherwise there is no incentive for the liquidator).Investigations A liquidator is also responsible to investigate the company's past transactions and see if any of the company's assets had been transferred/sold/charged uncommercially (i.e., in a way to either defeat creditors, paid to one person in preference for another, paid to a director or a relative of the director).For buyers, liquidated damage clauses limit their loss if they default. For sellers, they provide a preset amount, usually the buyer's deposit money, in a timely manner if the buyer defaults. Conclusion To liquidate a company is to wind-up the affairs of the company with a view to deregistering the company.
The , who regulates all registered liquidators within Australia, expects liquidators to provide certain statutory reports to their organisation (namely for statistical gathering) on the type, size, industry, assets, liabilities and, alleged offences, of the company.If these criteria are not met, a liquidated damages clause will be void. It serves as a punishment or as a deterrent against the breach of a contract. "One View Too Many." Boston Bar Journal 34 (April).n. The American Law Reports annotation on liquidated damages states, "Damages for breach by either party may be liquidated in the agreement but only at an amount that is reasonable in light of the anticipated or actual harm caused by the breach. A term fixing unreasonably large liquidated damages is unenforceable on grounds of public policy as a penalty" (12 A. Penalties are granted when it is found that the stipulations of a contract have not been met. an amount of money agreed upon by both parties to a contract which one will pay to the other upon breaching (breaking or backing out of) the agreement or if a lawsuit arises due to the breach. For example, a builder who does not meet his or her schedule may have to pay a penalty. Sometimes the liquidated damages are the amount of a deposit or a down payment, or are based on a formula (such as 10% of the contract amount). The damages will be considered as liquidated in the following cases: 1. Liquidated damages, on the other hand, are an amount estimated to equal the extent of injury that may occur if the contract is breached. The non-defaulting party may obtain a judgment for the amount of liquidated damages, often based on a stipulation (clear statement) contained in the contract, unless the party who has breached the contract can make a strong showing that the amount of liquidated damages was so "unconscionable" (far too high under the circumstances) that it appears there was fraud, misunderstanding or basic unfairness. By this term is understood the fixed amount which a party to an agreement promises to pay to the other, in case he shall not fulfill some primary or principal engagement into which he has entered by the same agreement it differs from a penalty. When the damages are uncertain, and not capable of being ascertained by any satisfactory or known rule; whether the uncertainty lies in the nature of the subject itself, or in the particular circumstances of the case.