Thursday, April 03, 2014 9:32:54 PM
The policy which can be followed with regards to placing Bourque Industries as a defunct company is that when it appears from the latest available balance sheet that its Kryron patents have adequate realized assets such that steps can be taken to take the company into compulsory liquidation.
Dissolution of Bourque Industries would result on account of members' or creditors' voluntary winding up. It could be compulsory winding up too.
The principle behind the Escheat or Bona Vacantia law states that the State may more properly be a custodian and beneficiary of Bourque Industries abandoned property, the Kryron patents, than any other person.
Consequently with the principle stated above, a law relating to abandoned property, enacts, firstly, provisions for the State conserving and safeguarding, for the benefit of the true owners, property in respect of which no claim is made for a specified and reasonable period, and secondly, for those properties vesting in the State absolutely when no claim is made with reference thereto by the true owners within the time limit.
The Escheat over which no one has a claim is known as Bona Vacantia.
The term can be expressed as 'abandoned property' too.
A fine line of distinction between the two terms is that is Escheat, the State becomes the owner of the property when a person dies without heir or successor as his ultimate heir, whereas in Bona Vacantia there is not even an owner of the property and the State merely takes possession of the property of the property, which is an abandoned one.
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