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32-820: William Stern may refer to: William Stern (businessman) (1935–2020), owner of the British Stern Group of companies William Stern (psychologist) (1871–1938), German psychologist and philosopher William Stern, father of American surrogate child Baby M William Joseph Stern (1891–1965), physicist and jet engine developer William M. Stern, rabbi at Temple Sinai in Oakland, California Bill Stern (1907–1971), American actor and sportscaster See also [ edit ] William T. Stearn (1911–2001), British botanist Bill Stearns (1853–1898), American baseball player [REDACTED] Topics referred to by

64-429: A discount to a company specializing in real estate liquidation instead of becoming involved in an area it may lack sufficient expertise in to operate with maximum profitability. A company may also operate in a "receivership-like" state but calmly sell its assets, for example to prevent its portfolio being written off in the event of an actual compulsory liquidation. The parties which are entitled by law to petition for

96-404: A discretion for a period of time after dissolution to declare the dissolution void to enable the completion of any unfinished business. In some jurisdictions, the company may elect to simply be struck off the companies register as a cheaper alternative to a formal winding-up and dissolution. In such cases an application is made to the registrar of companies, who may strike off the company if there

128-515: A liquidator e.g. wind-up order in Australia) or voluntary (sometimes referred to as a shareholders' liquidation or members' liquidation , although some voluntary liquidations are controlled by the creditors). The term "liquidation" is also sometimes used informally to describe a company seeking to divest of some of its assets. For instance, a retail chain may wish to close some of its stores. For efficiency's sake, it will often sell these at

160-491: A person for the appointment of a liquidator and possibly of a supervisory liquidation committee. The person appointed by the holder of a floating charge debenture over a company’s assets to collect in and realise the assets of that company and to repay the indebtedness to the debenture holder. Administrative receivers can no longer be appointed by floating charge holders with the exception of floating charges created prior to 15 September 2003. Voluntary liquidation occurs when

192-415: A villa in the south of France. He died on 21 March 2020 from COVID-19 . He was eulogised as a "titan" by relative-in-law Rabbi Pini Dunner . Liquidate Liquidation may either be compulsory (sometimes referred to as a creditors' liquidation or receivership following bankruptcy , which may result in the court creating a "liquidation trust"; or sometimes a court can mandate the appointment of

224-465: A voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors. The liquidator will normally have a duty to ascertain whether any misconduct has been conducted by those in control of the company which has caused prejudice to the general body of creditors. In some legal systems, in appropriate cases,

256-426: Is a breach of an understanding that all of the members may participate in the business, or of an implied obligation to participate in management. An order might be made where the majority shareholders deprive the minority of their right to appoint and remove their own director. Once liquidation commences (which depends upon applicable law, but will generally be when the petition was originally presented, and not when

288-544: Is different from Wikidata All article disambiguation pages All disambiguation pages William Stern (businessman) William George Stern (born Vilmos György Stern , 2 July 1935 – 21 March 2020) was a British businessman most notable as the owner of the Stern Group of companies. When it collapsed in 1973, Stern became Britain's biggest bankrupt with debts of £118 million. The uninsured losses sustained by thousands of investors led directly to

320-445: Is held by the company on trust for third parties will not form part of the company's assets available to pay creditors. Before the claims are met, secured creditors are entitled to enforce their claims against the assets of the company to the extent that they are subject to a valid security interest . In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to

352-408: Is made by a board resolution, but instigated by the director(s). 75 percent of the company's shareholders must agree to liquidate for liquidation proceedings to advance. If a limited company’s liabilities outweigh its assets, or the company cannot pay its bills when they fall due, the company becomes insolvent. If the company is solvent , and the members have made a statutory declaration of solvency,

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384-399: Is more beneficial to start again by creating a new company, often referred to as a phoenix company . In business terms this will mean liquidating a company as the only option and then resuming under a different name with the same customers, clients and suppliers. In some circumstances it may appear ideal for the directors; however, if they trade under a name which is the same or substantially

416-445: Is reasonable cause to believe that the company is not carrying on business or has been wound-up and, after enquiry, no case is shown why the company should not be struck off. However, in such cases the company may be restored to the register if it is just and equitable so to do (for example, if the rights of any creditors or members have been prejudiced). In the event the company does not file an annual return or annual accounts, and

448-414: Is to collect its assets, determine the outstanding claims against the company, and satisfy those claims in the manner and order prescribed by law. The liquidator must determine the company's title to property in its possession. Property which is in the possession of the company, but which was supplied under a valid retention of title clause will generally have to be returned to the supplier. Property which

480-589: The Kastner train , which carried 1,684 Jews to safety in Switzerland . During the 1960s, rising economic fortunes in Britain led to the creation of the first unitised property funds . Initially, only pension funds and charities were permitted to purchase units in these trusts, but these regulations were relaxed under the leadership of Prime Minister Edward Heath who came to power in 1970, after which time

512-402: The preferential creditors . Claimants with non-monetary claims against the company may be able to enforce their rights against the company. For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance , and compel the liquidator to transfer title to the land to them, upon tender of the purchase price. After

544-680: The 1990s with debts of £11 million. He was subsequently banned from serving as a company director for twelve years in April 2000, following the emergence of evidence that he had appropriated £1.5 million from the business despite his prior knowledge that it was on the brink of failure. In 1957 or 1958, he married Shoshana Stempel (Freshwater) . In 2000, Stern was living in a "£4m six-bedroom mansion" in West Heath Avenue, Hampstead, London, owned another home in Jerusalem, and

576-464: The company's affairs, the liquidator must call a final meeting of the members (if it is a members' voluntary winding-up), creditors (if it is a compulsory winding-up) or both (if it is a creditors' voluntary winding-up). The liquidator is then usually required to send final accounts to the Registrar and to notify the court. The company is then dissolved. However, in common jurisdictions, the court has

608-440: The company's file remains inactive, in due course, the registrar will strike the company off the register. Under the corporate insolvency laws of a number of common law jurisdictions, where a company has been engaged in misconduct or where the assets of the company are thought to be in jeopardy, it is sometimes possible to put a company into provisional liquidation , whereby a liquidator is appointed on an interim basis to safeguard

640-431: The compulsory liquidation of a company vary from jurisdiction to jurisdiction, but generally, a petition may be lodged with the court for the compulsory liquidation of a company by: The grounds upon which an entity can apply to the court for an order of compulsory liquidation also vary between jurisdictions , but normally include: In practice, the vast majority of compulsory winding-up applications are made under one of

672-620: The court makes the order), dispositions of the company's generally void , and litigation involving the company is generally restrained. Upon hearing the application, the court may either dismiss the petition or make the order for winding-up. The court may dismiss the application if the petitioner unreasonably refrains from an alternative course of action. The court may appoint an official receiver, and one or more liquidators , and has general powers to enable rights and liabilities of claimants and contributories to be settled. Separate meetings of creditors and contributories may decide to nominate

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704-665: The creation of Britain's first Policyholders' Protection Act . He died during the COVID-19 pandemic due to complications brought on by COVID-19 . He was born Vilmos György Stern or Ze’ev HaKohen Stern in Budapest, the youngest of three children of Chaim Stern, who owned a textile factory supplying goods to the Hungarian government. When Hungary was invaded by Nazi Germany in March 1944, Stern along with his family, escaped on

736-603: The general public could also invest via insurance companies . One such intermediary was Nation Life Insurance , part of the Stern Group. As a result of the stock market crash and secondary bank crisis of 1973–74 , property prices in Britain tumbled dramatically. Investment fund customers attempted to liquidate their rapidly devaluing bonds, but the funds had insufficient cash to meet their redemption obligations, leading to their collapse. Nation Life, and its parent company, were forced into administration , and William Stern

768-430: The last two grounds. An order will not generally be made if the purpose of the application is to enforce payment of a debt which is bona fide disputed. A "just and equitable" winding-up enables the grounds to subject the strict legal rights of the shareholders to equitable considerations. It can take account of personal relationships of mutual trust and confidence in small parties, particularly, for example, where there

800-446: The liquidation will proceed as a members' voluntary liquidation (MVL). In that case, the general meeting will appoint the liquidator(s). If not, the liquidation will proceed as a creditors' voluntary liquidation, and a meeting of creditors will be called, to which the directors must report on the company's affairs. Where a voluntary liquidation proceeds as a creditors' voluntary liquidation, a liquidation committee may be appointed. Where

832-407: The liquidator may be able to bring an action against errant directors or shadow directors for either wrongful trading or fraudulent trading . The liquidator may also have to determine whether any payments made by the company or transactions entered into may be voidable as a transaction at an undervalue or an unfair preference . The main purpose of a liquidation where the company is insolvent

864-401: The members of a company resolve to voluntarily wind up its affairs and dissolve. Voluntary liquidation begins when the company passes the resolution, and the company will generally cease to carry on business at that time (if it has not done so already). A creditors’ voluntary liquidation (CVL) is a process designed to allow an insolvent company to close voluntarily. The decision to liquidate

896-450: The position of the company pending the hearing of the full winding-up petition. The duty of the provisional liquidator is to safeguard the assets of the company and maintain the status quo pending the hearing of the petition; the provisional liquidator does not assess claims against the company or try to distribute the company's assets to creditors. In the UK, many companies in debt decide it

928-409: The removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets. Generally, the priority of claims on the company's assets will be determined in the following order: Unclaimed assets will usually vest in the state as bona vacantia . Having wound-up

960-406: The same term This disambiguation page lists articles about people with the same name. If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=William_Stern&oldid=947309982 " Category : Human name disambiguation pages Hidden categories: Short description

992-411: The time there was no compensation scheme in place to protect them. As a direct consequence of Nation Life's failure, the 1975 Policyholders' Protection Act was introduced, which mandates investors' insurance be paid for by a one per cent levy on investment premiums. After being discharged in 1987, Stern resumed his business activities, until a second commercial empire under his control collapsed in

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1024-534: Was declared bankrupt. Renowned lawyer and longtime business partner Winston Held ensured that himself, Stern and other investors in Stern Group managed to keep almost all of the personal wealth that they had accrued through many years of directorship at the company. The scandal was raised in the British Parliament on several occasions, and a BBC documentary on the subject aired in 1974. Thousands of private investors lost their life savings, since at

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