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Vijay.
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KTWild
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Hello, I hope you can help. When completing the mock exams I seem to get this question wrong each time. In the Kaplan text book it states that in a creditors’ voluntary winding up the ‘creditors’ have the ultimate decision when choosing the liquidator. According to the mock exam it is the ‘members’ who appoint the liquidator. Please help clarify.
Vijay
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Hi
So in a Creditors Voluntary Liquidation (CVL) it will be the members (shareholders) that will initially appoint a liquidator. However, if the Creditors do not like this liquidator then they can appoint their own liquidator and have the final say.
I hope this helps?
Kind regards,
Vijay
KTWild
Vijay
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