CORPORATE LIQUIDATION

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5 Terms

1
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It is the financial condition of a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business or has liabilities that are greater than its or his assets

Insolvency

2
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It refers to a concern by which the financial well-being and viability of an insolvent debtor can be restored using various means

Rehabilitation

3
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It is the basic accounting report made at the beginning of the process to present the expected realizable amounts from disposal of the assets, the order of creditors’ claims, and the expected amount that unsecured creditors will receive as a result of the liquidation

Statement of Affairs

4
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Ways of Rehabilitation

  1. Debt Forgiveness

  2. Debt Rescheduling

  3. Reorganization

  4. Quasi-reorganization

  5. Dacion en pago

  6. Debt-equity

  7. Sales of business

5
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It is a monthly (periodic) report that shows the results of the trustees’ fiduciary actions beginning at the point the trustee accepts the debtor’s assets

Statement of Realization and Liquidation