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If you are found guilty or wrongful or fraudulent trading you may need to pay specific debts.
If there is a surplus after payment of all creditors this is distributed pro rata amongst the ordinary shareholders of the company. the process by which a JOINT-STOCK COMPANY's existence as a legal entity ceases by ‘winding up’ the company.Not all Liquidation processes mean you are in debt, in some cases you may not have any business debts but still want to wind up the company, this is members voluntary Liquidation.No matter what your reason for going into Liquidation you still need to employ a licensed Insolvency Practitioner to help you wind down the company and oversee repayments of any debts.Thornton Grout Finnigan LLP (‘TGF’) is a Canadian law firm with an office located in Toronto, Ontario, practicing exclusively in two areas: ■ Insolvency & Restructuring ■ Commercial Litigation The firm’s reputation and expertise is reflected in the series of high profile retainers it has enjoyed over the years and its wide range of clients including banks and other lenders, private and public companies, regulatory agencies, court-appointed officers and other representative counsel roles.Its various mandates reflect the breadth and depth of the team, and the creativity involved in resolving some of the most complex legal issues in Canada.
The firm's stock was trading over the counter for 2¢ per share at the time of the announcement.