Liquidating a cc dating without drama rated
The liquidator must determine the company's title to property in its possession.
Property which is in the possession of the company, but which was supplied under a valid retention of title clause will generally have to be returned to the supplier.
For example, a party who had a valid contract for the purchase of land against the company may be able to obtain an order for specific performance, and compel the liquidator to transfer title to the land to them, upon tender of the purchase price.
After the removal of all assets which are subject to retention of title arrangements, fixed security, or are otherwise subject to proprietary claims of others, the liquidator will pay the claims against the company's assets.
The liquidator will normally have a duty to ascertain whether any misconduct has been conducted by those in control of the company which has caused prejudice to the general body of creditors.
In some legal systems, in appropriate cases, the liquidator may be able to bring an action against errant directors or shadow directors for either wrongful trading or fraudulent trading.
The liquidator has the power of the company and company employees are dismissed.
If it is a court-ordered liquidation, the court has the choice to stay or restrain any proceedings against the company when required.
The court may appoint an official receiver, and one or more liquidators, and has general powers to enable rights and liabilities of claimants and contributories to be settled.
In that case, the general meeting will appoint the liquidator(s).