The primary difference between the two procedures is that company administration aims to help the company repay debts in order to escape insolvency (if possible), whereas liquidation … Process of Liquidation Liquidation may be final or provisional. Provisional liquidation Conducting a JM Administration Practical Experiences Outcomes of Judicial Management Ordinarily, pre-judicial management presupposes that creditors’ obligations are paid before the cancellation of the judicial management order, among other requirements. An alternative to an application for liquidation is an application to court placing a company under judicial management. Liquidation and company administration can both be intimidating processes for company directors, as either one can lead to the end of the business. Judicial Management: The Key Issues, Processes and Administration. An independent judicial manager will be appointed to take control of the company’s affairs, business and property, in an attempt to help it survive, get a scheme of arrangement approved or a more advantageous realisation of the company’s assets versus that in a liquidation. Judicial management offers a temporary court-supervised business rescue plan, and provides an alternative to liquidation and the winding-up … It is important to distinguish between the two processes (final liquidation has already been discussed above). 12 May 2014. On 7 May 2014, the Inland Revenue Authority of Singapore (“IRAS”) updated its website content relating to “Companies under Liquidation and Judicial Management/Receivership” to clarify that the requirement to submit audited/unaudited accounts follows the Accounting and Corporate Regulatory … The Judicial Management (JM) Process Application Effects of a Judicial Management Order Statement of Proposal 2. It involves a certain number of formal steps and the overall process can take months to complete. The issues were complicated by the fact that, to some extent, the two companies under judicial management were borrower and guarantor. How are the votes of creditors to be counted? an immediate liquidation 2 The Act now contains the provisions regulating the new business rescue proceedings that have replaced judicial management. Where a company is placed under provisional judicial management, the court’s order may, in terms of s 301(1) of the Companies Act [Chapter 24:03], contain directions that while the company is under judicial management all actions, applications and execution of writs and summonses against the company be … This purpose is to “provide for the efficient rescue and recovery Academia.edu is a platform for academics to share research papers. Deregistration vs liquidation Closing down a solvent company in South Africa is referred to as “liquidation” in common law terms. 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