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reconstruction of a company

The transfer of the property of a registered company in a *voluntary winding-up to another company in exchange for shares in that company to be distributed among members of the company in liquidation. The liquidator effects the reconstruction with the authority of a *special resolution (members’ voluntary winding-up) or the consent of the court or liquidation committee (creditors’ voluntary winding-up). A member who does not agree to the arrangement can require the liquidator to buy his shares. See also *scheme of arrangement.

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