Do you know what are the powers and duties of a liquidator? Find out more in this article…
Category: Bankruptcy & Insolvency
The Appointment & Removal of a Liquidator
We often hear about the term ‘liquidator’ and that these are individuals who have a certain role within a company that is being wound up and/or being liquidated. Their responsibilities consist of collecting the assets the company that is being wound up and/or liquidated as well as settling all claims against the company before putting the company into dissolution.
Circumstances Which May Constitute A Contempt of Court
Contempt of court may arise from any act or form whatsoever, ranging from libel or slander emanating from any contemptuous utterance, news item, report or article, to an act of disobedience to a court order or a failure to comply with a procedural requirement established by law. Any of these acts, in varying degrees, affects the administration of justice or may impede the fair trial of sub judice matters, civil or criminal, for the time being pending in any court.
Company’s Winding Up: Function of a Liquidator (1)
When a company is being wound up, either voluntarily or by a Court order, a person or an entity will be appointed to liquidate the company. The appointed liquidator will take control of winding up the affairs of the company, liquidate its assets and distribute the proceeds to its creditors. The powers of the directors cease upon the appointment of the liquidator.
Is Winding Up the Last Resort for Oppression?
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When a shareholder of a company has been oppressed, there are several reliefs or remedies provided under Section 346 of the Companies Act 2016 (Section 181 of the Companies Act 1965) that the Court may grant. Section 346 reads as follows: (2) If on such application the Court is of the opinion that either of…
The Appointment of Receivers under Order 30 of the Rules of Court
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Receivers and Managers: Application to Court for Directions – A Final Order?
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In a previous article, we gave a 101 on the law of receivers and receivers and managers. We also discussed the distinction between ‘receivers’ and ‘receivers and managers’ – at the risk of oversimplification, a ‘receiver’ only receives income and pays necessary outgoings, whereas a ‘receiver and manager’ has additional powers to ‘manage’ a company.
Winding Up: A COVID-19 Perspective
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The winding up of a company is a process whereby a company’s lifespan comes to an end. This process entails selling off the company’s assets to pay off its debts or liabilities, and then distributing any surplus money amongst its members (i.e. shareholders). The main implication of a winding up is that the company would…