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</body></html>";s:4:"text";s:13593:"This purpose is to âprovide for the efficient rescue and recovery 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 ⦠An alternative to an application for liquidation is an application to court placing a company under judicial management. an immediate liquidation 2 The Act now contains the provisions regulating the new business rescue proceedings that have replaced judicial management. Academia.edu is a platform for academics to share research papers. On 7 May 2014, the Inland Revenue Authority of Singapore (âIRASâ) updated its website content relating to âCompanies under Liquidation and Judicial Management/Receivershipâ to clarify that the requirement to submit audited/unaudited accounts follows the Accounting and Corporate Regulatory ⦠This procedure is intended to give effect to one of the purposes of the Act contained in section 7. Judicial management offers a temporary court-supervised business rescue plan, and provides an alternative to liquidation and the winding-up ⦠An independent judicial manager will be appointed to take control of the companyâs affairs, business and property, in an attempt to help it survive, get a scheme of arrangement approved or a more advantageous realisation of the companyâs assets versus that in a liquidation. What is the difference between liquidation and administration? 2010 Deloitte & Touche Financial Advisory Services Pte Ltd Content 1. The Judicial Management (JM) Process Application Effects of a Judicial Management Order Statement of Proposal 2. How are the votes of creditors to be counted? Process of Liquidation Liquidation may be final or provisional. Where a company is placed under provisional judicial management, the courtâs 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 ⦠It involves a certain number of formal steps and the overall process can take months to complete. Judicial Management: The Key Issues, Processes and Administration. Ordinarily, pre-judicial management presupposes that creditorsâ obligations are paid before the cancellation of the judicial management order, among other requirements. Conducting a JM Administration Practical Experiences Outcomes of Judicial Management 12 May 2014. Provisional liquidation Deregistration vs liquidation Closing down a solvent company in South Africa is referred to as âliquidationâ in common law terms. Liquidation and company administration can both be intimidating processes for company directors, as either one can lead to the end of the business. When a defaulting borrower is put into liquidation, a bank creditor may generally maintain a proof of debt for the full amount of the debt, ⦠The issues were complicated by the fact that, to some extent, the two companies under judicial management were borrower and guarantor. It is important to distinguish between the two processes (final liquidation has already been discussed above). As either one can lead to the end of the purposes of the purposes of the judicial management the... Companies under judicial management order, among other requirements issues were complicated by the fact that, to some,... End of the business the issues were complicated by the fact that, some! 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