- June 21, 2022 at 5:37 pm #659069
On a compulsory winding up of a company, who will the court usually appoint?
A The auditor of the company
B The Official Receiver
C A qualified insolvency practitioner
Good day sir, what is the difference between a receiver and a liquidatorJune 21, 2022 at 5:39 pm #659070
Also is it still the shareholders or creditors that pick the liquidator eventually?June 21, 2022 at 8:54 pm #659079
A receiver is like a surgeon, trying to save the body (corporate) when it gets into financial trouble
A liquidator is like a Death Sentence – the job of the liquidator is to kill the company
Is that enough for you?June 21, 2022 at 8:59 pm #659080
Sorry, second question!
If it’s a members voluntary winding up, it’s the shareholders that appoint the liquidator
If it’s a creditors voluntary winding up, it’s the creditors that appoint the liquidator
And if it’s a compulsory winding up by order of the court, the court will appoint the Official Receiver to be the provisional liquidator until the creditors of the company have a meeting (called by the OR) and are given the opportunity to appoint their own choice of liquidator (or simply agree to authorise the OR to continue)
OK?June 22, 2022 at 6:47 pm #659141
I get it now.Thank you very much sirJune 23, 2022 at 8:16 am #659188
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