There are a lot of projects on liquidation but only a few on liquidator

1. Company Law and
Corporate Governance
CIA 1
TOPIC-
COMPANY LIQUIDATOR
Department of Management
Delhi NCR
AYUSH KUMAR 19212411
RISHU AGARWAL 19212446

2. Liquidator?
A liquidator is a person who liquidates something—generally assets.
Liquidation?
A process by which a company is brought to an end.
XD

3. Basic but Important
A liquidator has the legal authority to
— act on behalf of a company to realise or sell its assets
— report on the reasons for the liquidation
— bring on and defend lawsuits
— meet deadlines for paperwork
— keep the authorities informed
;)

4. >.<
Other businesses that face trouble may require a liquidator. He or she may be required to
deal with issues after a merger takes place when one company buys out another.
More..
For instance
Liquidator is assigned when-
X buys Y.. Y’s IT department becomes redundant

5. ^_^
One example is the shoe retailer Payless
— Saddled with debt, filed for Chapter 11 in 2017
— Managed to restructure and survive that period
— Filed for bankruptcy again in February 2019
Chapter 11?
Corporations generally file Chapter 11 if they require time to
restructure their debts.
Real- life Example

6. Liquidator Receiver
}:=(
Liquidator- appointed by the directors
An official Receiver- appointed by the Court

7. General Rule
— be a natural person
— be a registered liquidator with the ASIC
— not owe the company more than $5,000
— not be owed by the company more than $5,000
— not be an auditor of the company or a partner of the auditor
— not be an employee or “officer” of the company, that is, not a Director, Secretary, or
receiver and manager of the company
— not be an officer of any company that is a mortgagee of property of the company
— not be a partner or employee or employer of an officer of the company
The appointed liquidator should
XD

8. Appointment
The company in its general meeting, where a resolution of voluntary winding
up is passed, shall appoint a Company Liquidator from the panel prepared by
the Central Government for the purpose of winding up its affairs and
distributing the assets of the company and recommend the fee to be paid to
the Company Liquidator.
The appointment of the liquidator shall be effective only after it is approved
by majority of the creditors in value of the company


9. Powers of liquidator
— Defend any suit, prosecution or other legal proceedings, civil or criminal on
the behalf of the company
— Carry on the business of the company for easy winding up
— Raise money on the securities of the assets of the company
With sanction of the court
XD

10. — Inspect the records and returns of company on the files of the registrar
— Draw, accept and make bills of exchange, promissory notes on behalf of
the company
— Take out in his/her official name, letters of administration to any deceased
contributory
Without sanction of the court
Powers of liquidator
XD

11. Company Law and
Corporate Governance
CIA 1
TOPIC-
COMPANY LIQUIDATOR
Department of Management
Delhi NCR
AYUSH KUMAR 19212411
RISHU AGARWAL 19212446