likvideerimisjärjekorda

Likvideerimisjärjekord, often translated as liquidation order or winding-up order, is a legal and procedural concept primarily used in the context of company insolvency. It signifies a formal court order that initiates the process of liquidating a company. This means the company's assets are sold, and the proceeds are used to pay off its debts.

The primary purpose of a liquidation order is to ensure an orderly and fair distribution of a company's remaining assets to its creditors and, if anything is left, to its shareholders. The process is typically overseen by a liquidator, who is appointed by the court. The liquidator's responsibilities include taking control of the company's assets, selling them, investigating the company's affairs, and distributing the proceeds according to a legally defined order of priority.

The order of priority for distributing assets in a liquidation is crucial. Secured creditors, who hold a claim against specific assets of the company, are usually paid first from the proceeds of those assets. Following them are preferential creditors, such as employees for unpaid wages and certain tax authorities. Finally, unsecured creditors are paid from any remaining funds on a pro-rata basis. If any assets remain after all creditors have been satisfied, they are distributed to the company's shareholders according to their respective shareholdings. A liquidation order effectively marks the end of a company's existence as a going concern and initiates its dissolution.