When a company goes into liquidation, the entire process of liquidation is quite cumbersome and time consuming apart from many legal formalities. In order to overcome this problem a liquidating company appoints an independent trustee who is given the responsibility of liquidation procedure of the company.
An agreement that is entered into between the liquidating company and the trust is known as the liquidating trust agreement. This agreement clearly defines the role that the trust company has to play in the process of liquidation.
The liquidating trust agreement provides details such as the assets that need to be liquidated, the latest financial statements and disclosures made by the company, distribution of proceeds of the liquidation, reason for liquidation of assets, true value of the liquidating assets apart from the date until when the process of liquidation needs to be completed. The agreement sets forth the various approvals that are necessary for the process of liquidation.
Sample for Liquidating Trust Agreement
A sample of the agreement can be downloaded from below.
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