What is the function of a liquidator?

• In carrying out their role a liquidator must:

• collect, protect and sell the assets of the company;
• investigate and report to creditors about the company’s affairs including any transactions involving the company that may be set aside and any possible claims against company officers;
• investigate the failure of the company and any possible offences by persons involved with the company;
• convene creditors’ meetings to keep creditors informed of the liquidation’s progress to seek their views on matters and to obtain approval of fees;
• after payment of the costs of the liquidation distribute remaining funds in accordance with the law, regulations and rules; and
• apply for the deregistration of the company upon completion of the liquidation.