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Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.

If the company is solvent the shareholders can supervise the liquidation.

An order was entered approving the sale of substantially all of Motors Liquidation Company’s assets to a new and independent company under section 363 of the Bankruptcy Code on June 5, 2009. Their chapter 11 cases are being jointly administered with Motors Liquidation Company’s chapter 11 proceedings for procedural purposes only under case number 09-50026 (REG).

It is not necessary to make any application to the court for this; however, the liquidator may apply to the court for directions and the court has power to remove a liquidator.

A voluntary liquidation may also by commenced by the board of directors if an event specified in the company's constitution has occurred.

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