Voluntary Liquidation, Etc Clause Samples
The 'Voluntary Liquidation, Etc' clause defines the procedures and consequences that apply when a company chooses to dissolve itself or undergoes similar restructuring events, such as winding up or ceasing operations by its own decision. Typically, this clause outlines the steps required for voluntary liquidation, including necessary approvals, notifications to stakeholders, and the distribution of assets among creditors and shareholders. Its core practical function is to provide a clear framework for handling the company's affairs in an orderly manner during voluntary dissolution, thereby protecting the interests of all parties involved and minimizing disputes.
Voluntary Liquidation, Etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
Voluntary Liquidation, Etc. The commencement by Borrower of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Borrower or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Borrower generally to pay its debts as such debts become due, or the taking of corporate action by Borrower in furtherance of any of the foregoing.