A liquidation agreement is one that is entered into by two parties for liquidating. The two parties to the liquidation agreement are liquidating company and the creditors of the company. The main purpose of a liquidation agreement is when the company has bad debts and is unable to repay the same; it enters into an agreement with the creditors for repayment of the same by liquidating its assets.
The important aspects that are covered in the liquidation agreement are reasons for liquidation, financial statement disclosed by the company, notice of liquidation, actual date of liquidation and the complete names and address of the parties to the agreement.
The liquidation agreement has a legal binding on the company. The liquidation agreement needs to be filed in the respective court and the jurisdiction where the company has its registered office. If the law provides the liquidation process can be entrusted to a third party liquidator who will complete all the legal formalities in the process of liquidation.
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