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What do you call a legal process to pay the creditors of a corporation declared to be insolvent?
Wiki User
∙ 11y ago
insolvency
Bankruptcy
Wiki User
∙ 11y ago
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What happens to the administrator of an estate with creditors?
The Administrator must file the proper notices that the estate has been filed to give the creditors the opportunity to file claims against the estate. The estate is responsible for the debts of the deceased. Claims by creditors must be paid before any assets can be distributed to the heirs-at-law. There is a statutory schedule by which creditors must be paid. If there are not enough assets to pay the creditors the estate is declared insolvent. The adminstration of an estate is a legal process that must be done according to the law. If the appointed Administrator doesn't know how to carry out their duties according to the law they should hire an attorney to supervise the probate process. Distribution of assets before creditors are paid can leave the Administrator exposed to personal liability.
What are the types of liquidation?
In the UK there are 3 types of liquidation; 1. Compulsory liquidation where the company is wound up by the court, usually at the instigation of a creditor. 2. Creditors voluntary liquidation (CVL) when a company is insolvent, this process is instigated by the directors of the company. 3. Members voluntary liquidation (MVL) is a solvent liquidation, basically all creditors are paid in full and there is a return to shareholders.
What does the term 'corporate bankruptcy filing' mean?
Corporate Bankruptcy Filing is the name given to the process when a business becomes insolvent and unable to meet their debt commitments. This is in contrast to personal bankruptcy where an individual becomes insolvent.
What is the definition of bankruptcy?
It is a legal process that one uses to protect themselves from creditors, while a court and trustee use their power to resolve, frequently by discharging, the obligation to creditors.
What are the disadvantage of a corporation?
slowness of the decision-making process
What is the disadvantage of corporation?
slowness of decison making process
What is a disadvantage of a corporation?
slowness of decison making process
What benefits are gained when a corporation uses a business management process?
Benefits gained when a corporation uses a business management process are definitive guidelines and procedures for all sections and one business model.
Who invented the Xerox copy machine?
Chester Carlson invented the xerographic process and worked with the Battelle Institute and Haloid Corporation (later renamed the Xerox Corporation) to apply that process to a marketable product.
Who is the agent for service of process for HSBC Bank US?
It looks like HSBC uses a corporation by the name of CT Corporation System as their agent for service of process. CT Corporation System has offices in almost every state, so I would look their address in the state where you want to sue them.
Can an agent for service of process be financially interested in a corporation?
Generally speaking, yes, the agent may have a financial interest in the corporation for which he/she is the agent for service of process. However, one must look to the corporate law of the state in which the corporation was created and sometimes that of the state in which it does business to see exactly what that state requires regarding registered agents. For example in New Jersey the eligibility requirements are simply that the registered agent have an address that is the same as the corporation's registered address and that the agent be either: (1) a natural person at least 18 years old and residing in the state, or (2) a corporation with authority to transact business in the state. Nothing in the law states that the registered agent may not have a financial interest in the corporation. Other states may have other requirements. It's obvious the question refers to a person who is acting as an agent for service of process (actually usually referred to as a "registered agent") of a particular corporation and whether that person can have a financial interest in that corporation. The opportunity for such an agent to either refuse, evade or pretend he/she ever received legal process in order to protect his/her financial interest is all too evident. The possibility of a financially interested agent for service of process doing anything to avoid process is slim. If process is served upon him/her the process server files an affidavit of proof of service and the lawsuit commences with or without the corporation's participation. If the financially interested agent tries to defeat service of process by hiding from the process server, the process may be served upon the Secretary of whatever state department oversees corporate matters. The State then sends the paperwork to the corporation and service of process is now complete. Either way, as far as service of process goes, it makes no difference whether or not the agent has a financial stake in the corporation.
How long do you have to run newspaper ad for creditors for probate in pa?
In Pennsylvania, creditors must be notified through a legal notice published in a local newspaper for three consecutive weeks. This requirement is in place to allow potential creditors to come forward and make claims against the estate during the probate process.
