What rights do directors have in a liquidation?

• Upon appointment of the liquidator you lose control of your company and your powers are severely curtailed.
• You are required to assist the liquidator and must:

• inform the liquidator of company property and its location;
• provide the company’s books and records which are in your possession to the liquidator;
• advise the liquidator of the location of the company’s other books and records;
• within a certain timeframe after the liquidator’s appointment provide a written report about the company’s:

• business;
• property; and
• financial circumstances;

• meet with the liquidator and help them with their investigation; and
• not obstruct the liquidator in carrying out their duties.

• You should contact a lawyer for detailed information regarding your responsibilities during the liquidation process.