Liquidation of Companies | CA Intermediate Advanced Accounting Ch no 7 | ICAI | Chandan Poddar

Описание: In This Video We Will Discuss the Liquidation of Companies all Concepts, Examples and Problems for CA Intermediate and CA Inter Advanced Accounting Chapter no 7 have been Discussed by CA SK Chabda Sir For CA Intermediate Grooming Education.

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Topics Covered:-
Basic concept
Concept of B-list contributories
Basic concept of liquidators final statement 1
Concept of over riding preferential payments, preferential payments
Concept of debenture interest dividend and liquidator commission on Ass
Concepts related to liquidators final statement
Concept of receiver receipt and payment account

Liquidation is the process a debt-laden company initiates to wind up its operations and sell its assets in order to repay said liabilities and other obligations. ... The positive balance after repaying the creditors is then distributed among the company's shareholders.

What is Liquidation of a Company?
Liquidation is the process a debt-laden company initiates to wind up its operations and sell its assets in order to repay said liabilities and other obligations. A company is liquidated when it is ascertained that the business is not in any state to continue.

The liquidator

A liquidator is an individual who has been appointed to dissolve the company and terminate its operations. This person is responsible for selling the assets to repay the company’s internal and external liabilities.

Process of liquidation

The liquidator sells all assets that he deems necessary, except cash and bank balances.

The money raised in this manner is then distributed among various creditors. However, this repayment is undertaken based on a pre-established order. The first preference is given to the company’s secured creditors. The remaining money is then used to discharge preferential creditors, i.e., taxes due to the government, salaries of employees, etc.

Any outstanding amount is then used to compensate debenture-holders and other liabilities secured by a floating charge on all assets. Next, unsecured creditors and preference shareholders are paid off.

Finally, if there is a surplus of funds after all the payments mentioned above, they are distributed among shareholders. Meanwhile, in case of a deficit, shareholders are asked to pay up their unpaid share of capital.

Conclusion:
In summary, liquidation pertains to the process of winding up and completely shutting down a company’s operations. After the liquidation process is complete, the said company will cease to exist in the eyes of the law.

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