A liquidator is a licensed professional appointed to oversee the orderly closure of a company during the liquidation process.
Key Responsibilities:
- Take control of company assets, records and operations from the date of appointment.
- Verify and settle creditor claims in accordance with priority rankings.
- Sell company properties and convert all assets into cash via auctions or direct sales.
- Distribute proceeds to creditors and stakeholders as per legal entitlements.
Example:
A panel of liquidators wound down a conglomerate with numerous national subsidiaries, recovering assets valued at $50 million for distribution to secured lenders.
Key Takeaways:
Liquidators play a vital role in guaranteeing a transparent and fair conclusion of distressed companies according to regulations. Their insolvency expertise ensures maximum value recovery for equitable payouts to stakeholders.