I am owed quite a lot of money by a company that is now insolvent and has had a liquidator appointed. I don’t really understand what their role is. Can you explain what they actually do?
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Answer by Kelly Angus, Adelaide 5000 SA
- The liquidator’s role is to:
- identify, locate and protect assets of the company;
- sell those assets;
- conduct investigations into the company’s financial affairs and any suspicious transactions;
- make appropriate recoveries;
- issue reports to ASIC and creditors;
- make a distribution to creditors and shareholders if possible; and
- apply to ASIC to deregister the company.