Definition : Syndicate of co-owners - Liquidation

All the operations, initiated by the liquidator after the vote of the co-owners terminating the co-ownership, to collect the receivables and to pay the syndicate of co-owners’ debts, then to reimburse hypothecary debts and prior claims encumbering the fractions and the co-owners contributions.

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  The divided co-ownership of an immovable is not necessarily destined to last forever. The termination of the co-ownership, and by the same token the dissolution and liquidation of the syndicate, is a question that will eventually arise for some co-ownerships. Furthermore, its termination is governed by articles 1108 and 1109 of the Civil Code of Québec, which refer to the rules applicable to legal persons concerning their liquidation.
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