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KembaraXtra – Legal Terms – Liquidator
A liquidator is a person appointed to manage the winding-up of a company. Their main responsibility is to collect the company’s assets, settle its debts, and distribute any remaining funds to entitled parties.
In most cases, the liquidator must be a qualified insolvency practitioner, unless the role is carried out by the official receiver. The appointment may occur through court order or by decision of creditors or members.
The liquidator has wide powers but must act in accordance with the law and in the best interests of creditors. Their actions may be subject to oversight by a liquidation committee or the court.
A liquidator is a person appointed to manage the winding-up of a company. Their main responsibility is to collect the company’s assets, settle its debts, and distribute any remaining funds to entitled parties.
In most cases, the liquidator must be a qualified insolvency practitioner, unless the role is carried out by the official receiver. The appointment may occur through court order or by decision of creditors or members.
The liquidator has wide powers but must act in accordance with the law and in the best interests of creditors. Their actions may be subject to oversight by a liquidation committee or the court.
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