Question: Who Can Be Liquidator?

Who can appoint liquidator for a company?

Official liquidator is the officer of the High Court and he is appointed from the date of order of winding up of the company.

He is working for the welfare of the creditors.

Section 448 of the companies acts 1956 deals with the appointment of the official liquidator.

2 See The Companies Act,1956 § 448.

Who can be liquidator in Malaysia?

#1: Be a Member of a Recognised Professional Body

As set out in section 433(3) and (4) of the CA 2016, any person who is a member of a recognised professional body may apply to the Minister of Finance in order to be approved as a liquidator.

Who is liquidator in a company?

In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets under such circumstances of the company and settling all claims against the company before putting the company into dissolution.

Do I need to appoint a liquidator?

Whereas liquidating your company can only be done by using the services of a licensed insolvency practitioner, who can start the formal process that involves dealing with your company’s finances and potentially selling any assets. There are options you can take that don’t require the appointment of a liquidator.

What are the rights of liquidator?

A liquidator has an overriding duty to get in the property of the company, protect it, draw up a list of contributories, settle claims and apply realised property in payment of creditors and contributories. There is a positive duty to declare dividends if there are sufficient sums to do so after expenses have been met.

What is liquidator remuneration?

Liquidator’s Remuneration= Assets realized X Remuneration Percent/100. 2. Percentage On Amount Distributed To Unsecured Creditors. Sometimes, the liquidator also receives commission on the amount distributed to unsecured creditors.

What happens when a liquidator is appointed?

A court-ordered liquidation occurs when a liquidator is appointed by the court to wind up a company. Once a company goes into liquidation, its unsecured creditors (those without a claim to the company’s assets) cannot instigate or continue legal action against the company unless permitted to do so by the court.

What is the role of a liquidator?

The role of the liquidator is to take control of the business, sell the company’s assets and distribute the proceeds to its creditors. The official receiver will frequently pass the liquidation process to an insolvency practitioner (IP).

How do I get into liquidation?

When a company goes into liquidation its assets are sold to repay creditors, the business closes down, and its name is removed from the register at Companies House. There are two main types of liquidation process, solvent and insolvent liquidation.

What are the liquidation strategies?

Definition: The Liquidation Strategy is the most unpleasant strategy adopted by the organization that includes selling off its assets and the final closure or winding up of the business operations.

What is the purpose of liquidation?

Liquidation is the systematic “winding up” of a company’s activities. The assets are discharged and the company is deregistered or closed. The purpose of a liquidation is to make sure that a company is wound-up equitably and fairly and its debts paid when due.

What are the powers of liquidator?

Powers and Duties of Liquidators

  • to verify claims of all the creditors and consolidate them;
  • to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
  • to evaluate the assets and property of the corporate debtor in the manner and prepare a report;

How do you make an exit strategy?

To plan a proper exit strategy, consider the six following steps:

  1. Prepare your finances.
  2. Consider your options.
  3. Speak with your investors.
  4. Choose new leadership.
  5. Tell your employees.
  6. Inform your customers.

What happens to shares after liquidation?

When a publicly-listed company declares bankruptcy and goes into liquidation, the company’s shareholders may be entitled to a portion of the assets, depending on what type of shares they hold. However, the stock itself is worthless, and cannot be sold.

Is liquidation a physical move?

Liquidation. Liquidation is a Water-type move introduced in Generation VII. Liquidation does damage and has a 20% chance of lowering the target’s Defense stat by one stage.