Liquidating agreement

20-Dec-2017 01:52

This action, commenced on March 21, 2014, is not, therefore, barred by the statute of limitations as to the second cause of action.

This is the type of agreement that memorializes a subcontractor’s to the owner where the subcontractor’s claim is pursued in the name of the general contractor or by the general contractor. – if the subcontractor pursues the pass-through claim in the name of the general contractor, the subcontractor will bear all of the attorney’s fees. Specifically, a liquidating agreement between a general contractor and a subcontractor is designed to limit (or liquidate) the general contractor’s liability to the subcontractor to the amount the general contractor recovers from the owner. Liquidation agreements have three basic elements: (1) the imposition of liability upon the general contractor for the subcontractor’s increased costs, thereby providing the general contractor with a basis for legal action against the owner; (2) a liquidation of liability in the amount of the general contractor’s recovery against the owner; and, (3) a provision that provides for the pass-through of that recovery to the subcontractor.If, however, the general contractor pursues such claim, it will want the cooperation of the subcontractor so that the subcontractor is actively involved in proving the pass-through claim.In addition, the Administration Agreement may be terminated forthwith by either party giving notice in writing to the other party if at any time (a) the party notified shall go into liquidation or receivership or an examiner shall be appointed pursuant to the Companies (Amendment) Act 1990 (except for a voluntary liquidation for the purposes of reconstruction or amalgamation upon terms previously approved in writing by the notifying party) or be unable to pay its debts as they fall due or (b) the party notified shall commit any breach of the provisions of the Administration Agreement and shall not have remedied that within 30 days after the service of written notice requiring it to be remedied.

Darber hinaus kann der Verwaltungsvertrag jederzeit von einer der beiden Parteien durch schriftliche Benachrichtigung der jeweils anderen Partei fristlos gekndigt werden, wenn (a) die benachrichtigte Partei in Liquidation geht, unter eine Konkursverwaltung gert oder wenn ein Prfer gem dem Companies (Amendment) Act 1990 fr sie eingesetzt wird (mit Ausnahme von freiwilliger Liquidation zum Zwecke der Umstrukturierung oder Fusion gem zuvor von der anderen Partei genehmigten Bedingungen) oder wenn sie nicht mehr in der Lage ist, fristgerecht ihre Schulden zu bezahlen, oder wenn (b) die benachrichtigte Partei eine der Bestimmungen des Verwaltungsvertrages verletzt und eine solche Vertragsverletzung nicht innerhalb The High Level Group made several other recommendations designed to enhance directors responsibilities : a) introduction of a special investigation right, whereby shareholders holding a certain percentage of the share capital should have the right to ask a court or administrative authority to authorise a special investigation into the affairs of the company; b) development of a wrongful trading rule, whereby directors would be held personally accountable for the consequences of the company's failure, if it is foreseeable that the company cannot continue to pay its debts and they don't decide either to Die hochrangige Expertengruppe sprach darber hinaus noch mehrere andere Empfehlungen aus, die die Verantwortung der Direktoren strken sollen: a) Einfhrung eines Rechts auf Sonderprfung, das Aktionre, die einen gewissen Anteil am Aktienkapital halten, in die Lage versetzen wrde, bei einem Gericht oder einer Verwaltungsbehrde eine Sonderprfung zu beantragen; b) Ausarbeitung einer Regelung ber die Konkursverschleppungshaftung, wonach Direktoren persnlich fr den Konkurs eines Unternehmens zur Rechenschaft gezogen wrden, wenn sie sich bei absehbarer Zahlungsunfhigkeit des Unternehmens weder zu seiner Rettung und zur Belgium estimates furthermore that, based on information available at the time of the finalisation the framework agreement of 7 April 2003, the liquidation of IFB's Belgian activities would have obliged SNCB to bear an additional cost of between EUR 70,6 and EUR 161,8 million.

Because liquidating agreements pertain to a general contractor passing-through a subcontractor’s claim to the owner, they are oftentimes called pass-through agreements. Conversely, if the general contractor pursues the claim, it will likely want the subcontractor to share in attorney’s fees on a pro rata basis of the subcontractor’s recovery, if any, to be reduced by incurred fees.