A business can be voluntarily dissolved under Guernsey law if the following conditions are met:
- The Memorandum of Incorporation or Articles of Organization, whichever comes first, specifies a duration for the company, and that duration expires when:
- The occurrence of any event specified in the business's memorandum or articles of incorporation as triggering the dissolution of the company
- For all of the aforementioned to occur, a special resolution calling for the voluntary dissolution of the corporation must be passed by the shareholders.
- As a bonus, a business can be dissolved willingly if it passes a specific resolution that it be dissolved voluntarily
Within 30 days of the resolutions authorizing the business's voluntary liquidation having been passed, the company must file the necessary resolutions with the Guernsey Registry. Please note that all extraordinary resolutions must be filed at the Registry within thirty days by The Companies (Guernsey) Law, 2008. Within 30 days of voluntary liquidation, ordinary resolutions must also be filed. The Registrar will then announce the company's intent to dissolve voluntarily "in such manner and for such duration as he sees proper."
At this time, if the decision has not already been made, the resolutions should be filed and a Liquidator hired and their compensation agreed upon. Time-based rates are the norm in the business world. In the United Kingdom, a target liquidation must be handled by a suitably qualified expert such as an Insolvency Practitioner. However, common sense implies that the nominated candidate will be familiar with Guernsey Law and have experience serving in this capacity.
'save in so far as may be expedient for the beneficial winding up of the firm,' the company is required to suspend operations once liquidation proceedings are initiated. Unless the Liquidator or the company's general meeting approves an order to the contrary, the director(s)' powers will also expire.
The Liquidators are responsible for winding down the business, realizing its assets, paying off its debts, and distributing any remaining funds by the law. When the firm's business has been completely wound up, the Liquidator should deliver his statement or account of the winding up at the final general meeting of the company. When the meeting is over, the Liquidator will notify the Registrar, who will then issue a notice of the meeting and the impending dissolution of the business.
Selling Inheritance Assets to Probate Liquidators
Assets left to heirs by deceased loved ones are sold to probate liquidators by estate administrators. The most common reasons for an administrator to sell an inheritance's assets are to settle outstanding debts or liquidate assets that are expensive to keep up.
The monthly mortgage payments and other costs associated with owning real estate are typically enough to convince probate liquidators to buy the property. During the probate procedure, real estate must be maintained by the executor. If there is a mortgage note, the estate must keep making payments even after the borrower has died. If not, the house can go into foreclosure.
Expenses like insurance, taxes, and HOA fees, as well as routine upkeep like landscaping and pool cleaning, will all need to be covered by the estate. The executor of a deceased person's estate may choose to sell the property "For Sale by Owner" (FSBO) or through a real estate agent if there are insufficient funds in the estate to pay for the property's upkeep.
In today's depressed real estate market, finding a financially stable buyer can take months. The sale of real estate to probate liquidators can be a speedy solution when estates are short on funds. Probate estate liquidators typically purchase homes in inheritance at a discount to the market and for cash to speed up the sale.
Working with a probate lawyer is recommended when selling probate real estate to ensure all necessary steps are taken. The rules of probate vary from one state to the next. Administrators of estates in some states can sell inherited property without court approval, whereas in others, this is not allowed.
Multiple inheritors of real property from a single deceased person must all agree to sell the property before it can be sold. A probate judge can order the sale of the property if one or more heirs refuse to give up their claims and the estate cannot afford the mortgage or other costs associated with maintaining the property.
Probate liquidation firms typically purchase all residential and commercial property types, including single- and multi-family dwellings, condominiums and townhouses, prefabricated and mobile homes, vacation and rental properties, and even vacant land and businesses.
Probate liquidators buy more than just real estate when they are clearing out an estate. Automobiles, trucks, boats, recreational vehicles, motorbikes, antiques, collectibles, jewels, and large home furnishings and appliances are common examples of tangible estate assets.
The executors of estates can benefit from the additional services that many probate liquidation companies provide. Among these options are holding auctions to distribute assets, tracking down lost relatives and heirlooms, and finding buyers for the decedent's investment or commercial real estate or businesses.
Trustees and executors of estates should not rush into signing a contract with a probate liquidation company without first doing their homework. The first place to look for complaints is the Better Business Bureau. Verify the company's legality to operate, permits, and insurance with the appropriate local authorities. Since selling a loved one's property through probate can be emotionally taxing, it's important to work with a reliable probate liquidator.