Liquidation is the process in accounting by which a company is brought to an end in the United Kingdom, New Zealand, Republic of Ireland, United States and Italy. The assets and property of the company are redistributed. Liquidation is sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation; the process of liquidation arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be voluntary; the term "liquidation" is sometimes used informally to describe a company seeking to divest of some of its assets. For instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will sell these at a discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability.
The parties which are entitled by law to petition for the compulsory liquidation of a company vary from jurisdiction to jurisdiction, but a petition may be lodged with the court for the compulsory liquidation of a company by: The company itself Any creditor which establishes a prima facie case Contributories: Those shareholders be required to contribute to the company's assets on liquidation A minister the one responsible for competition and business An official receiver The grounds upon which an entity can apply to the court for an order of compulsory liquidation vary between jurisdictions, but include: The company has so resolved The company was incorporated as a corporation, has not been issued with a trading certificate within 12 months of registration It is an "old public company" It has not commenced business within the statutorily prescribed time of its incorporation, or has not carried on business for a statutorily prescribed amount of time The number of members has fallen below the minimum prescribed by statute The company is unable to pay its debts as they fall due It is just and equitable to wind up the company, as for example specified by an Insolvency ActIn practice, the vast majority of compulsory winding-up applications are made under one of the last two grounds.
An order will not be made if the purpose of the application is to enforce payment of a debt, bona fide disputed. A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations, it can take account of personal relationships of mutual trust and confidence in small parties for example, where there is a breach of an understanding that all of the members may participate in the business, or of an implied obligation to participate in management. An order might be made where the majority shareholders deprive the minority of their right to appoint and remove their own director. Once liquidation commences, dispositions of the company's void, litigation involving the company is restrained. Upon hearing the application, the court may either dismiss the petition or make the order for winding-up; the court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action. The court may appoint an official receiver, one or more liquidators, has general powers to enable rights and liabilities of claimants and contributories to be settled.
Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and of a supervisory liquidation committee. Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve. Voluntary liquidation begins when the company passes the resolution, the company will cease to carry on business at that time. A creditors’ voluntary liquidation is a process designed to allow an insolvent company to close voluntarily; the decision to liquidate instigated by the director. 75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance. If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent. If the company is solvent, the members have made a statutory declaration of solvency, the liquidation will proceed as a members' voluntary winding-up. In that case, the general meeting will appoint the liquidator.
If not, the liquidation will proceed as a creditors' voluntary winding-up, a meeting of creditors will be called, to which the directors must report on the company's affairs. Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed. Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors; the liquidator will have a duty to ascertain whether any misconduct has been conducted by those in
The Division of Warringah is an Australian electoral division in the state of New South Wales. The division is named after the Warringah area of Sydney, which itself is named by an Aboriginal Australian word which translates into English as "rain", "waves" or "sea"; the Division was proclaimed at the redistribution of 13 September 1922, was first contested at the 1922 federal election. Centred on Mosman and the Northern Beaches region of Sydney, it covers most of the land between Middle Harbour and the Tasman Sea, it extends from Port Jackson in the south to the suburb of Dee Why in the north. It includes the suburbs of Allambie, Allambie Heights, Balgowlah Heights, Beauty Point, Clifton Gardens, Cremorne Point, Curl Curl, Freshwater, Killarney Heights, Kurraba Point, Manly Vale, North Balgowlah, North Curl Curl, North Head, North Manly, Queenscliff and Wingala; the Northern Beaches have long been a stronghold for the Liberal Party of Australia. The Liberals and their predecessors held the seat without interruption from its creation in 1922 until the 2019 federal election when Zali Steggall won the seat as an independent.
By northern Sydney standards, Warringah has been unfriendly territory for Labor. For example in its 1943 landslide, Labor was only able to garner 39 percent of the two-party vote in Warringah. Before 2019, the area covered by Warringah had been held by a conservative party without interruption since Federation; the seat's most notable member was Tony Abbott, who won the seat at a 1994 by-election and served as Prime Minister of Australia from 2013 to 2015. He retained Warringah until being defeated by Steggall in 2019; that election saw Warringah become a notional marginal seat in a "traditional" two-party contest against Labor for the first time.
Francis Gregory Stafford known as Greg Stafford, was an American game designer and practitioner of shamanism. Stafford is most famous as the creator of the fantasy world of Glorantha, but he is a prolific games designer, he was designer of Pendragon, he was co-designer of the RuneQuest, Prince Valiant and HeroQuest role-playing systems, founder of the role-playing game companies Chaosium and Issaries, designer of the White Bear and Red Moon, Nomad Gods, King Arthur’s Knights and Elric board games, co-designer of the King of Dragon Pass computer game. Greg Stafford began wargaming after picking up a copy of U-Boat by Avalon Hill, in 1966 as a freshman at Beloit College he started writing about the fantasy world of Glorantha. After rejection from a publisher, Stafford created White Bear and Red Moon set in Glorantha, after three different companies were unable to publish the game he created Chaosium, he derived the name from his home, near the Oakland Coliseum, combining "coliseum" with "chaos."White Bear and Red Moon was Chaosium's first published game, was Stafford's first professional game.
Stafford designed. Stafford designed the wargames Elric and King Arthur's Knights. Stafford wanted the world of Glorantha to be part of an original role-playing game. Stafford and Lynn Willis simplified the RuneQuest rules into the 16-page Basic Role-Playing, he designed the miniatures game Merlin. Stafford considers his Arthurian chivalric role-playing game King Arthur Pendragon his masterpiece, he co-designed the Ghostbusters role-playing game. Stafford designed the Prince Valiant roleplaying game, which featured a strong storytelling basis and other innovations. Stafford decided to produce a fiction line for Call of Cthulhu after he realized that many Lovecraft fans of the early 1990s had never read Lovecraft's fiction but were only familiar with him through Call of Cthulhu. Stafford co-designed the computer game King of Dragon Pass. Stafford left Chaosium in 1998, taking all of the rights for Glorantha, founded the game company Issaries. Stafford approached Robin Laws to create a new game based on Glorantha, which became known as Hero Wars, published in 2000 as the first professional product for Issaries.
Stafford published the second edition in 2003 under the name he always wanted HeroQuest, as Milton Bradley's trademark on the name had lapsed. Stafford moved to Mexico in 2004; when Hasbro let the RuneQuest trademark lapse, Stafford picked up the rights to the game and licensed Mongoose Publishing to publish a new edition in 2006. After White Wolf acquired the rights to Pendragon, it was republished in 2005 by White Wolf, their ArtHaus imprint published The Great Pendragon Campaign, in which Stafford detailed the massive RPG campaign from the years 485 to 566. After Nocturnal Games picked up the rights to Pendragon, Stafford created a 5.1 edition of Pendragon. He moved from Berkeley, California to Arcata, California in 2007, having lived in the San Francisco Bay Area for some years. In June 2015, it was announced that Sandy Petersen had returned to Chaosium Inc.. Stafford taking the positions of President and CEO. Greg Stafford's interest in roleplaying and gaming originated in his adolescent fascination with mythology.
During his adolescent years he read anything he could find on the subject, when he exhausted the libraries, he started to write his own stories in his freshman year at Beloit College, in 1966. This was the start of the world of Glorantha. Stafford's 1974 board game White Bear and Red Moon had featured the violent struggle between several cultures in the Dragon Pass region of Glorantha; the heart of the game was a conflict between the barbarian Kingdom of Sartar and the invading Lunar Empire, a theme which has remained central to Gloranthan publications since then. As Stafford was founding his company Chaosium, the game Dungeons & Dragons was gaining great popularity. Role-players were keen to use the White Red Moon setting in such games. So Chaosium published RuneQuest, written by "Steve Perrin, Ray Turney, Friends". Stafford left Chaosium in 1998. For some years, Stafford wrote several novels set in Glorantha. Novels that he is known to have been working on are Harmast's Saga, Arkat's Saga, his "Lunar novel".
He was one of the designers on the Glorantha-based video game "King of Dragon Pass". Stafford was a practicing shaman and member of the board of directors of Shaman's Drum, a journal of experiential shamanism, he had some short articles of Arthurian interest published. Stafford lived in Mexico for 18 months, tutoring English as a foreign language, exploring places of archeological and shamanic interest. Fantasy author David A. Hargrave pays homage to Stafford in the Arduin series of supplements, the most known example of this being the Stafford's Star Bridge 9th-Level mage spell. Stafford was inducted in the Origins Award hall of fame in 1987. In 1999 Pyramid magazine named Greg Stafford one of The Millennium's Most Influential Persons, "at least in the realm of adventure gaming."Stafford won the Diana Jones Award in 2007, for The Great Pendragon Campaign, published by White Wolf and in 2015 for Guide to Glorantha, coauthored with Jeff Richard and Sandy Petersen and published by Moon Design PublicationsHe was honored as a "famous game designer" by being featured as the king of hearts in Flying Buffalo's 2011 Famous Game Designers Playing Card Deck.
The Stafford Codex – Stafford's personal website