Liquidation and Undervalue transaction

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Difference between Liquidation and Undervalue transaction

Liquidation vs. Undervalue transaction

In United Kingdom, Republic of Ireland and United States law and business, liquidation is the process by which a company is brought to an end. An undervalue transaction is a transaction entered into by a company who subsequently goes into bankruptcy which the court orders be set aside, usually upon the application of a liquidator for the benefit of the debtor's creditors.

Bankruptcy

Bankruptcy is a legal status of a person or other entity that cannot repay debts to creditors.

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Company

A company, abbreviated as co., is a legal entity made up of an association of people for carrying on a commercial or industrial enterprise.

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Floating charge

A floating charge is a security interest over a fund of changing assets (e.g. stocks) of a company or other artificial person.

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Liquidator (law)

In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution.

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Secured creditor

A secured creditor is a creditor with the benefit of a security interest over some or all of the assets of the debtor.

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Security interest

A security interest is a legal right granted by a debtor to a creditor over the debtor's property (usually referred to as the collateral) which enables the creditor to have recourse to the property if the debtor defaults in making payment or otherwise performing the secured obligations.

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Unfair preference

An unfair preference (or "voidable preference") is a legal term arising in bankruptcy law where a person or company transfers assets or pays a debt to a creditor shortly before going into bankruptcy, that payment or transfer can be set aside on the application of the liquidator or trustee in bankruptcy as an unfair preference or simply a preference.

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United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.

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