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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.
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?