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What happens to the assets of the Subsidiary company when the Holding company goes into liquidation? Are the assets of the subsidiary company affected? Any case law that provides knowledge on this legal proposition?

For all practical purposes, a subsidiary is a separate legal entity. When the holding company is liquidated it is similar to the death of an individual shareholder. Hence the shares of the subsidiary held by the holding company are either liquidated or sold/ allotted to new shareholders.

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