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Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.If the company is solvent the shareholders can supervise the liquidation.
After these steps have been carried out, the company is formally dissolved.
On June 1, 2009, Motors Liquidation Company (formerly General Motors Corporation) and certain subsidiaries filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. and Remediation And Liability Management Company, Inc., two direct subsidiaries of Motors Liquidation Company, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on October 9, 2009.
An order was entered approving the sale of substantially all of Motors Liquidation Company’s assets to a new and independent company under section 363 of the Bankruptcy Code on June 5, 2009. Their chapter 11 cases are being jointly administered with Motors Liquidation Company’s chapter 11 proceedings for procedural purposes only under case number 09-50026 (REG).
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