VOLUNTARY LIQUIDATION Conversion by court into INVOLUNTARY LIQUIDATION

Insolvent debtor – initiated Liquidation Proceeding Creditor - Initiated

Petition for
Liquidation
Termination of Proceeding
Court shall issue an order
Liquidation Order terminating the proceeding

Election of Liquidator /
Appointment of liquidator
by the Court
Liquidation is Complete
Court shall issue an order directing
Registry of Submit Implementation of SEC to remove the debtor from the
Claims Liquidation Plan Liquidation Plan registry of entities
 Registry of Claims

Registry of Claims
w/in 20 days from
Opposition assumption to office, the
or Challenge of Claims liquidator shall establish a
preliminary registry of
claims of claims of secured
and unsecured creditors

Appeal decision of Submit to the court the

Rehabilitation registry of claims
Receiver to the court including undisputed
claims