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For a regular dividend, the declaration date or announcement date is when a company's board of directors announces a distribution.
An investor whose objective is to purchase a home five years from now, may have these a portfolio of stocks and bonds designed with the intention to liquidate in five years.
The cash proceeds would then be used to make a down payment for a home.
In addition to a liquidating dividend, companies have a set order in which they must re-pay their owners in the event of a liquidation.
Liquidation can occur when a company is insolvent and cannot pay its obligations when they come due, among other reasons.
The shareholders appoint a liquidator who dissolves the company by collecting the assets of the solvent company, liquidating the assets, and distributing the proceeds to employees who are owed wages and to creditors in order of priority.