Corporate Governance, Ethics, and Stakeholder Interests in Bankruptcy and Liquidation

Learning ObjectivesUpon finishing this chapter, the readers would be able to:1. Find out the phases of bankruptcy of individuals and companies. Describe voluntary and compulsory liquidation.3. Differentiate voluntary liquidation of members and voluntary liquidation of creditors.4. Know winding-up by order of court. 5. Explain the obligations, authority and the responsibility of liquidators and administrators.6. Examine priorities, creditor ranking and distribution of assets.7. Assess management practices including receivership, management and restructuring.8. Evaluate difficulties in carrying out liquidation in Nigeria.