Dissolution and Liquidation of the Company Sample Clauses
Dissolution and Liquidation of the Company. 8.1. Dissolution Events 8.2. Liquidation
Dissolution and Liquidation of the Company. Upon receipt of approval from the Board of Directors and shareholders of the Company for the Liquidation, the Company shall liquidate and distribute the Purchase Price and Retained Assets no later than 60 days after the Closing Date.
Dissolution and Liquidation of the Company. Section 8.1 Events Causing Dissolution.....................................................................26 Section 8.2 Liquidating Trustee............................................................................26 Section 8.3 Liquidation....................................................................................26 Section 8.4 Termination....................................................................................27
Dissolution and Liquidation of the Company. 19.1 The Company shall be dissolved for any of the following reasons:
a) The expiry of the period and the non-agreement to renew the same;
b) The unanimous decision by the Partners to dissolve the Company;
c) Adoption of a resolution by the General Assembly to dissolve the Company if the losses exceed 50% of its actual capital at that date;
d) Upon a decision of a Competent Court to dissolve the Company.
e) The Company shall be dissolved and liquidated in accordance with the relevant provisions of the Commercial Companies Law,
Dissolution and Liquidation of the Company. The Company shall be dissolved and its affairs wound up by written action of the Member, or as otherwise provided under the Act. Upon the winding up of the Company, the Company’s assets shall be distributed to creditors, including, to the extent permitted by law, the Member if it is a creditor, in satisfaction of the Company’s liabilities, and then to the Member. Such distributions shall be in cash, property other than cash, or partly in both, as determined by the Member. Upon the completion of the winding up of the Company, the Member shall cause articles of dissolution to be executed on behalf of the Company and filed with the Illinois Secretary of State, and the Member shall execute, acknowledge, and file any and all other instruments necessary or appropriate to reflect the Company’s dissolution.
Dissolution and Liquidation of the Company. Dissolution
Dissolution and Liquidation of the Company. The Company shall have a term of thirty (30) years, commencing on the date when its business license is issued.
Dissolution and Liquidation of the Company. Section 7.1 Events Causing Dissolution
Dissolution and Liquidation of the Company. Dissolution of the Company. The Company shall be dissolved on the earlier of the expiration of the term of the Company or upon: The Resignation (other than by reason of death or incompetency) or Bankruptcy of a Member unless a majority in interest of the Members (as defined in Section 6.1(b)) elect to continue the Company pursuant to Section 6.1(b); The Resignation or Bankruptcy of a Member which leaves only one (1) Member remaining, and no additional or substitute Member is admitted to the Company in accordance with this Agreement within ninety (90) days thereafter; The expiration of thirty (30) days following the sale or other disposition of all or substantially all of the Company’s assets; The election by a majority of the Members to liquidate the Company; or The occurrence of any other event of dissolution under the provisions of this Agreement or the Act. Winding-up and Distribution of the Company. Upon the dissolution of the Company pursuant to Section 10.1, the Company’s business shall be wound up and its assets liquidated by the Liquidator as provided in this Section 10.2, and the net proceeds of such liquidation shall be distributed as follows:
Dissolution and Liquidation of the Company. ARTICLE 77
1. When there are reasons to dissolve the company, the company shall put forward a proposal to the board of shareholders to dissolve the company. The board of shareholders, within fifty days after receiving the proposal, shall decide to terminate the business and dissolve the company, and at the same time shall apply to the original examination and approval authority for the dissolution of the company. Under this situation, the persons concerned from each party shall ask the representatives recommended by each party to agree the dissolution of the company at the meeting of the board of shareholders. The persons concerned from each party shall also undertake the obligations to agree on the dissolution resolution. However if the persons concerned from each party have reached a written agreement on the dissolution mentioned in Paragraph 2 below, the regulations specified in the written agreement shall be observed.
2. When there are reasons to dissolve the company, the persons concerned from each party shall reach a written agreement to deal with the following situation in which the company is not going to be dissolved for a certain period of time even if the reasons to dissolve the company become evident. Under such situation, the following regulations shall be observed:
a. During the period specified in the written agreement, both parties shall not use the dissolution reasons listed in the written agreement to terminate the business operation of the company and dissolve the company. However if the written agreement has other regulations, the regulations specified in the agreement shall prevail.
b. The written agreement shall be only applicable to the dissolution reasons listed in the agreement. It is not applicable to those dissolution reasons, which are happening or have already happened, but not covered by the agreement.
3. If the dissolution application submitted by the company has not been approved by the examination and approval authority within thirty days after the application is submitted, the board of directors shall adopt necessary measures including going through shutdown formalities.
4. If the company has been dissolved due to any reasons within five years from the date of the establishment, the remaining assets shall be distributed through friendly consultations based on fact. If the company has been dissolved due to any reasons five years after the date of the establishment, the remaining assets (including all the investments beyond ...