How a liquidation is managed
2.7 Liquidation is overseen by a liquidator (insolvency practitioner). All liquidators appointed to a voluntary liquidation must be licensed as an insolvency practitioner under the CLR 2015 and registered on the register of Insolvency Practitioners under IR 2015.
2.8 For an MVL, the shareholders choose and appoint the liquidator, while for a CVL, the Company’s creditors choose and appoint the liquidator.
2.9 The expenses of the winding up, including the liquidator’s fees, are payable by the Company in priority to the claims of unsecured creditors.