Statement of Liquidation Clause Samples
A Statement of Liquidation clause outlines the process and terms under which a company or entity will be dissolved and its assets distributed. Typically, this clause specifies the steps to be taken during liquidation, such as notifying creditors, settling outstanding debts, and distributing any remaining assets to shareholders or members according to their ownership interests. Its core practical function is to provide a clear and orderly framework for winding up the entity’s affairs, ensuring that all parties understand their rights and obligations during liquidation and minimizing disputes.
Statement of Liquidation. Within a reasonable time following the completion of the liquidation of the Partnership, the Liquidator shall submit a statement (which need not be audited) to each Partner setting forth the assets and liabilities of the Partnership as of the date of liquidation and the amount of the distribution to each Partner.
Statement of Liquidation. Both Partners shall be furnished with a statement prepared by, or under the supervision of, both Partners and the Accountant, which statement shall set forth the assets and liabilities of the Partnership as of the date of complete liquidation. Upon dissolution and liquidation of the Partnership, the Partners shall execute, acknowledge and cause to be filed any notice or certificate required by law to reflect the dissolution and liquidation of the Partnership.
Statement of Liquidation an accounting statement summarizing the winding up of the business affairs of the partnership.