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Winding-up And Restructuring Act
The ''Winding-up and Restructuring Ac''t (french: Loi sur les liquidations et les restructurations) ("WURA") (the ''Act'') is a statute of the Parliament of Canada that provides for the winding up of certain corporations and the restructuring of financial institutions. It was passed in 1985, and has been amended since. Predecessors of the act date back to 1882. History Following the 1880 repeal of Canadian insolvency law at the federal level, the Parliament of Canada returned to the field in 1882, passing legislation "for the purpose of winding-up insolvent banks, and insolvent trading companies," known as ''An Act respecting Insolvent Banks, Insurance Companies, Loan Companies, Building Societies and Trading Corporations''. Until the passage of the ''Bankruptcy Act'' in 1919, it was the only federal statute governing insolvency, and it only extended to corporations. The 1919 Act covered individuals and corporations, so corporations were given a choice as to how to proceed with th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Canada
The Parliament of Canada (french: Parlement du Canada) is the federal legislature of Canada, seated at Parliament Hill in Ottawa, and is composed of three parts: the King, the Senate, and the House of Commons. By constitutional convention, the House of Commons is dominant, with the Senate rarely opposing its will. The Senate reviews legislation from a less partisan standpoint and may initiate certain bills. The monarch or his representative, normally the governor general, provides royal assent to make bills into law. The governor general, on behalf of the monarch, summons and appoints the 105 senators on the advice of the prime minister, while each of the 338 members of the House of Commons – called members of Parliament (MPs) – represents an electoral district, commonly referred to as a ''riding'', and are elected by Canadian voters residing in the riding. The governor general also summons and calls together the House of Commons, and may prorogue or dissolve Parliament, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winding Up
Liquidation is the process in accounting by which a company is brought to an end in Canada, United Kingdom, United States, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and property of the company are redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation. The process of liquidation also arises when customs, an authority or agency in a country responsible for collecting and safeguarding customs duties, determines the final computation or ascertainment of the duties or drawback accruing on an entry. Liquidation may either be compulsory (sometimes referred to as a ''creditors' liquidation'' or ''receivership'' following bankruptcy, which may result in the court creating a "liquidation trust") or voluntary (sometimes referred to as a ''shareholders' liquidation'', although some voluntary liquidations are controlled by the creditors). The term " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Compromise
To compromise is to make a deal between different parties where each party gives up part of their demand. In arguments, compromise is a concept of finding agreement through communication, through a mutual acceptance of terms—often involving variations from an original goal or desires. Defining and finding the best possible compromise is an important problem in fields like game theory and the voting system. Research has indicated that suboptimal compromises are often the result of negotiators failing to realize when they have interests that are completely compatible with those of the other party and settle for suboptimal agreements. Mutually better outcomes can often be found by careful investigation of both parties' interests, especially if done early in negotiations. The compromise solution of a multicriteria decision making or multi-criteria decision analysis problem that is the closest to the ideal could be determined by the VIKOR method, which provides a maximum utility of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scheme Of Arrangement
A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. lenders or debenture holders). It may affect mergers and amalgamations and may alter shareholder or creditor rights. Schemes of arrangement are used to execute arbitrary changes in the structure of a business and thus are used when a reorganisation cannot be achieved by other means. They may be used for rescheduling debt, for takeovers, and for returns of capital, among other purposes. It is not a formal insolvency procedure, but it can be used alongside insolvency procedures such as administration. By country Australia In Australia, the relevant provisions for effecting a scheme of arrangement or reconstruction are located in Part 5.1 of the Corporations Act 2001 (Cth). Section 411(1) states that where a company and its creditors or shareholders propose a compromise or arrangement, the court can order a meeting or the creditors ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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