Questions & Answers
The best way to liquidate a company
Dear sir/madam,
What is the difference in procedures and possible outcomes between the following?
A. Creditor of a company starts a lawsuit to liquidate the company versus,
B. One of the partners of the company starts a lawsuit to liquidate the company.
The partners do not agree to mutual liquidation. However, neither of the partners wishes to be detained for embezzlement, etc and they want a quick resolution of the matter.
Which option is better for liquidation?
It is very obvious that partners should file for liquidation before the creditors knocking on the door of the courts. Better to resolve amicably.
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Both choices are the same, you have to settle those issues with the creditors to avoid problems in the court.
