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Yes - I will PM you.
Nope your getting a Pot of the Queen's gold
The risk is worth the reward, but I still have to prepare myself that it can be declared worthless.
I do not expect to be filled on the sub-pennies till the end of Christmas.
What is provisional liquidation?
A provisional liquidation is the Court appointment of a liquidator to a company in the period between the filing of the application to wind up the company and the Court hearing the application.
The appointment is provisional because the company may not be wound up at the hearing of the application, or another official liquidator may be appointed at that time. The appointment is more of a caretaker role as the provisional liquidator is required to maintain the status quo.
Why apply for a provisional liquidation?
The Court will appoint a provisional liquidator when it is convinced that the assets of the company are in danger of being dissipated or otherwise lost before the winding up application is heard. In effect, the appointment is made to protect the company's assets. Other reasons may be that:
(a) there is some form of stalemate or dispute internally with the company leadership, or
(b) the company is insolvent and needs an external administrator appointed immediately for some other reason.
How do you get a provisional liquidator appointed?
This is a court appointment. The method is the same as applying for the winding up of the company, with both applications usually filed at the same time. The hearing for the provisional appointment is heard shortly after the application is filed and the winding up application heard about 4 weeks later - depending on when the Court can hear the application.
Who may apply?
Three parties may apply for an appointment of a provisional liquidator.
1. Creditors making a winding up application may apply if they believe that the assets of the company are at risk of being lost or made otherwise unavailable during the period before the winding up application is heard.
2. Members (shareholders) of a company may apply where they believe that the directors of the company are acting improperly, recklessly or in their own interests. These applications do not necessarily need to show that the company is insolvent, only that it is just and equitable that the company be wound up and that an independent person should take immediate control of the company. These applications are usually made by minority shareholders who do not have the voting powers to remove and appoint directors.
3. The company (through its directors) may apply when it is applying to have itself wound up. This may arise due to a dispute between directors and other officers, or because the company is insolvent and the directors do not want to risk insolvent trading claims in the period before a official liquidator is appointed.
Who can be a provisional liquidator?
Only official liquidators may be appointed as provisional liquidators.
What does a provisional liquidator do?
The main role of the provisional liquidator is a caretaker to the assets and business of the company. While his or her powers may be extensive and absolute, the provisional liquidator will generally try to have as little impact on the company as possible.
What powers do they have?
The powers available to the provisional liquidator are extensive. They are granted by the Corporations Act and the Order of the Court under which they are appointed. The Order may limit or extend the powers granted under the Act, depending upon the individual circumstances. The provisional liquidator has the power to operate the business of the company or to close the business and sell off the assets. They have the power to call for proofs of debt, determine the priority of creditors and conduct investigations. But they do not have the power to recover void transaction or pay dividends.
What is the effect on the company?
The company structure itself survives the provisional appointment. The control of all assets, the conduct of any business and other affairs are transferred to the provisional liquidator. The directors cease to have any authority. At the end of the provisional liquidation, control of the company will either pass back to the directors, or to an official liquidator - depending on the outcome of the winding up application. In most cases the provisional liquidator will be appointed the official liquidator.
What is the effect on creditors?
The effect is identical to that of any other liquidation. As the appointment is provisional in nature and the company may not be wound up, those rights may once again become available to creditors.
Can a provisional liquidator pay dividends?
No. There is no power to pay dividends.
When does a provisional liquidation end?
Usually this will be at the hearing of the application to wind up the company when the application will either be:
(a) dismissed, ending the appointment, or
(b) granted, turning the appointment into an official liquidation.
The Court may also order that the appointment ends, either on an appeal to the original appointment, or where the Court is convinced that it is proper to end the appointment.
Bill Clinton used the same defense with Monica, good thing she froze her asset (dress).
Everybody is being liquidated per the last TGL 8K.
"The timing of the completion of the Company’s liquidation is dependent on the completion of the liquidation of its subsidiaries and realisation of any remaining assets. "
Link to last 8k -
http://www.sec.gov/Archives/edgar/data/1122211/000095014208001851/form8k_111908.htm
ISIN: BMG9032C1091
Link- http://isincodes.com/isin/trenwick+group+ltd/
We may still be cancelled out by the Liquidator
No dead birds today - we plan on feeding the chickens and ducks today...a few bean burrito and we are good to go.
Only if boiling water is cooking...I'm planning on taking her to Taco Bell today for her bean burrito.
Fie, fi, fiddly i o
Papa and Grandpa Raccoon are slow learner - they been drinking all my beer....
The wive has been feeding three Generation of Raccoon Families around our house.
I've been trying to teach them to steal BEERS from the other neighbors and a few beers for one of their children is a fair trade.
No the wife a Veggie, and the son going to Girlfriend house for Thanksgiving....I'm planning on trapping a baby Raccoon tonight and holding it for ransom.
A can of Turkey SPAM - $1.99 will feed a family of four.
....and will buy you 500 shares of Trainwreck
Where's me luck charm...
A little sick humor to start the day
Nope - looks more like a Happy Meal order.
post of Level II
It's a DOW tracker - follow the futures and the DOW movements and it's an easy turtle BANK.
If I prove you WRONG - will you chase me with your pitchfork?
Compulsory winding-up is a legal process by which a liquidator is appointed by order of the court to 'wind up' the affairs of a limited company. At the end of the process the company ceases to exist. Winding up does not mean that the creditors of the company will necessarily get paid. The purpose of winding up a company is to ensure that all the company's affairs have been dealt with properly.
This involves:
Ensuring all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end;
Ceasing the company's business;
Settling any legal disputes;
Selling any assets;
Collecting in money owed to the company; and distributing any funds to creditors and returning share capital to the shareholders (any surplus after repayment of all debts and share capital can be distributed to shareholders).
When these things have been done the liquidator applies to have the company removed from the register at Companies House and dissolved, which means the company ceases to exist.
Massive new programs aimed at loosening credit
AP – President George W. Bush, accompanied by Treasury Secretary Henry Paulson, makes a statement on the economy …
WASHINGTON – Rolling out powerful new weapons against the financial meltdown, the Bush administration and the Federal Reserve pledged $800 billion Tuesday to blast through blockades on credit cards, auto loans, mortgages and other borrowing. Total bailout commitments, loans and pledges of backing neared a staggering $7 trillion.
Treasury Secretary Henry Paulson, who has been criticized for constantly revising the original $700 billion rescue program, said the administration was considering even more changes in its final two months in office.
Reports on the nation's economic health weren't getting any better. The Commerce Department said the overall economy, as measured by the gross domestic product, declined at an annual rate of 0.5 percent in the July-September quarter, even worse than the initial 0.3 percent estimated a month ago as consumer spending fell by the largest amount in 28 years.
In Chicago, meanwhile, President-elect Barack Obama named his budget director and said they both will focus on the nation's soaring budget deficit — but only after economic revival is under way. Paulson stressed that Obama's transition team was being kept informed of the government's moves.
Investors digested it all and sent the Dow Jones industrials 36 points higher, a modest gain but still the first time the average had risen three straight days in more than two months.
Millions of Americans rely on the kinds of loans that were targeted in one of the new programs announced Tuesday.
The Federal Reserve will purchase $200 billion in securities backed by different types of debt including credit card loans, auto loans, student loans and loans to small businesses. That market essentially froze in October. These types of loans as a result have become harder to obtain and have carried higher interest rates
The Fed also announced that it would spend $500 billion to purchase mortgage-backed securities guaranteed by mortgage giants Fannie Mae and Freddie Mac and another $100 billion to directly purchase mortgages held by Fannie, Freddie and the Federal Home Loan Banks.
This would greatly expand an initial modest effort announced back in September in which Treasury spent $26 billion to purchase mortgage-backed securities. The current credit crisis was triggered by soaring losses on securities backed by subprime loans.
The announcement of the new programs had an immediate positive impact on credit markets Tuesday, sending demand up and rates lower. Analysts predicted the program could send mortgage rates down by as much as one-half to a full percentage point in coming months, helping to spur demand in the beleaguered housing market, which is suffering its worst downturn in decades.
The programs to buy mortgage-related assets and securities backed by consumer debt have the same aim: to boost demand for those assets. In doing so, the government hopes to lower the costs being charged for consumer loans. That would make loans on everything from mortgages to cars more available.
"This is one of the key actions we've been advocating," said Charles McMillan, president of the National Association of Realtors, referring to the purchase program for mortgage-backed assets.
The latest federal moves raised U.S. commitments to contain the financial crisis to nearly $7 trillion — though no one thinks the government will actually spend anything like that figure, which would be almost half the nation's total gross domestic product. The figures include loans that are expected to be repaid, loan authorities to back mortgages, purchases of stock in banks, guarantees to support loans among banks and pledges backing other transactions.
In the case of the Federal Reserve, the amount covers huge loans that financial institutions will have to pay back. In the case of the Treasury rescue effort, the government will at some point sell the stock it owns back to the banks, presumably when the banking system is doing better and the stock will be worth more.
As for Tuesday's actions, the mortgage-backed securities the Fed will buy will be investment-grade assets — not the toxic mortgage-related assets that the administration initially had said the $700 billion financial rescue program would buy.
By focusing on investment-grade securities, the Fed will be able to help provide a functioning secondary market. It will pay the prices for these securities that are being set by the market. Had the Fed needed to buy bad assets, it would have had to develop a mechanism to properly price assets that weren't being traded.
The use of Fed resources also gets around another problem Treasury faced: a limited amount of money in the program. The $800 billion being committed to buy mortgage-related assets and other assets backed by consumer loans will come from the Federal Reserve's vast resources. It will not count against the $700 billion rescue program.
The Treasury Department also announced Tuesday that the rescue program had spent another $2.91 billion in direct purchases of stock from 23 regional banks around the country. These institutions ranged from HF Financial Corp. in Sioux Falls, S.D., to Centerstate Banks of Florida Inc. in Davenport, Fla.
The government has now injected $161.5 billion in 53 institutions. The goal is to spend $250 billion of the $700 billion bailout fund to buy bank stock as a way of encouraging banks to resume more normal lending to bolster the shaky economy.
A boost to the overall economy is considered vital at a time when nearly every day has brought further evidence that the country is sliding into a severe downturn.
Nariman Behravesh, chief economist at IHS Global Insight, said he thought the economy would shrink by an even more drastic 4 percent annual rate in the current quarter and keep falling through the middle of 2009.
"We are in the early stages of one of the worst recessions in the postwar period, even factoring in a massive stimulus program," Behravesh.
Obama is putting together a stimulus program with the goal of creating 2.5 million jobs over the next two years. It's an effort that many economists think will need to total between $500 billion and $700 billion to bring the benefits needed to help shore up the economy.
Obama pledged Tuesday to make deficit reduction a goal of his administration — but only after recovery from the financial crisis is well under way. "We are going to have to jump start the economy," he said.
At a news conference, Obama claimed a "mandate to move the country in a new direction," and promised to consult with Republicans as he goes about it.
The effort to restart the frozen market for securities that back consumer debt will get an assist from the government's $700 billion financial rescue fund, which Congress passed on Oct. 3. Paulson told reporters that the fund will supply $20 billion as protection for the Fed against losses in its purchases of securities for the program.
He also signaled that the program could be expanded to include asset-backed paper that covers commercial mortgage loans. Those loans are used to finance shopping malls and office buildings.
Paulson defended the administration against charges that it has made haphazard changes in the financial rescue program, sending confusing signals to markets. Initially, the effort was sold to Congress as a way to buy toxic mortgage-related assets off the books of financial institutions. The idea was to give them the capital needed to resume more normal lending.
When the financial crisis worsened and Paulson decided it would take too long to get the toxic purchase program operating, he switched to making direct purchases of bank stock with the rescue funds. Paulson announced that the first $350 billion installment of the rescue fund probably would not be used to buy any toxic assets.
"It is naive for any of us to think that when you are dealing with a situation of this magnitude that a bill could be passed or a single action taken to make all the issues go away," Paulson told reporters at a briefing.
Paulson declined to say whether the Bush administration would seek authority from Congress to tap a portion of the second half of the $700 billion fund before leaving office. That decision had not yet been made, he said.
Trenwick is a Festivus Miracle
We will start next week off with "The Airing of Grievances" by the WEAK shareholders and ending the week with the "Feat of Strength" by the remaining shareholders.
A couple of more days of talking to the hand...
....and we should be trading at about 0.003 cents
Nut cracker and collector of fallen nuts
Check out Green - should be able to answer your question.
Link- http://www.greencompany.com/
Pure luck that I remember the blind rabbit and four cats post...something that Daiello would never remember.
Twenty seven years to one wife teaches you to remember certain things....something that CaT three wives could never teach him.
...and only 50 more miles till the CaT next post
It's a one pound crystal votive candle holders... even a blind squirrel can find a FREE Latte
...when the next owner husband removes the rabbit, I hope that his wive gives him HELL for the running toilet water.
This male saved $125 dollars by fixing the wife's toilet by not calling a plumber on Friday.
I told her I could fix it for $10 dollars by going to Home Depot and doing the work myself on Saturday....but instead spend five hours taking her shopping.
I fixed the problem Sunday morning by placing her $1.99 glass rabbit below the float ball which stopped the float ball from hitting the tank ball which now allows the tank ball to close and the water to stop.
Some people have blind rabbits in their bedroom and other people have glass rabbits in their toilets.
Sorry I was typing faster then my brain was thinking, which at my age is not hard to do and being a male I already have two strikes against me.
I have to disagree, you need to save, save, save, and teach your children to save.
Else your future generation of grand children will be doomed to making interest payments to the bank, and the cycle will never be broken.
What's disgusting is selling $20 Trillion dollars of inflated assets to investors, skimming $20 Billion dollar of bonus check each year,
and then asking the Taxpayers to support over $7 Trillion dollars of bailout support dollars to keep the Global financial system from collapsing further into the abyss.
I've been burned twice in eight years - I'm not sure how this time around it's gonna turn out any different.
He's waiting till next week to fill his basket up for only $500 dollars.
No problem, with President Bush's "midnight" presidential executive order, permitting long distance truckers to now drive up to 11 hours without a break instead of the former 8 hours....the future taxpayer's should be able to pay off the Wall Street debit within the next 40 years.
Plant, Trucker, Trader, and Magic man
4 jobs - but who counting ;)~
....Come on home, girl he said with a smile
I cast my spell of love on you a woman from a child!
But try to understand, try to understand
Im a magic man!
LaSalle is the first 8K and Trenwick is the second 8-k, that's the who's and what's of the never ending story... =)
At least 6 months or longer.
Next month is the tax loss selling season and the share price will trend lower during Christmas season and even lower till the next 8-K spring release...