Role of the liquidator
5.1 The liquidator is appointed to wind up the company’s affairs. The liquidator does this by calling in and using the company’s assets to pay off creditors and distribute the remainder to shareholders.
5.2 The liquidation involves the following:
a) ensuring all Company contracts (including employee contracts) are completed, transferred or otherwise ended;
b) ceasing the Company’s business;
c) settling any legal disputes;
d) selling any assets;
e) collecting money owed to the Company;
f) distributing any funds to creditors;
g) repaying share capital to shareholders; and
h) dissolving the company and removing it from the register.
5.3 On the appointment of a liquidator, ordinarily all the powers of the Directors cease. The liquidator will take control of the company’s affairs and the directors no longer have control of the company or anything it owns and cannot act for or on behalf of the company.