I'm a
lawyer in the
Czech Republic. I'm trying to find a
corroborating evidence for our case.
In the Czech law the situation is as follows:
There are some events when a company is going to vanish, for example a decision of an annual meeting or a decision of a court or a termination of bankruptcy proceeding.
In our case: A company mustn’t recover if bankruptcy proceeding ends in a certain way, which occur. From this moment the company is wound up but it is a corporate body as a legal entity yet. Its legal acting directs solely to liquidation, redistribution of its remaining assets or satisfaction of debts and to deleting - striking off the Companies Register.
By striking off the Register company and its stocks are expired. Company isn’t a corporate body any more; it can’t do any legal acting.
After the bankruptcy proceeding the company is wound up (but is still a corporate body) and its stocks are delisted by the date of company’s striking off the Register.
Our opinion is that at this time before stocks are delisted and company stroke off its stocks exist and they can be traded. They represent a right of a shareholder to get a part of remaining assets.
Question:
Is this or similar situation of company and its stocks described above possible in the USA? Are these stocks allowed to be publicly traded (anywhere) in the USA? Are they marked by any symbol similarly to “Q” on NASDAQ during bankruptcy p.?
I'll be very thankful for an answer and I'll be glad to talk and compare other law topics.
If anybody is interested in this I'll explain anything one needs.