In law, a liquidator is the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets of the company and settling all claims against the company before putting the company into dissolution. In most jurisdictions, a liquidator's powers are defined by statute. In compulsory liquidation, the liquidator must assume control of all property to which the company appears to be entitled. Dissolution is the last stage of liquidation, the process by which the assets and property of the company are redistributed. The companies that have the capacity to engage in this activity are listed here.
Once a liquidator is officially appointed, they are in charge of closing down the business and investigating the circumstances that led to the company's insolvency. Their main purpose is to convert any remaining assets into cash and pay as many creditors as possible with those funds, hoping to pay dividends too.
The liquidator is an authorised insolvency practitioner or official receiver who runs the liquidation process. As soon as the liquidator is appointed, they'll take control of the business. They will: settle any legal disputes or outstanding contracts. sell off the company's assets and use any money to pay creditors.
A liquidator is an experienced accountant who has: met industry requirements; undertaken certain courses; and. been declared fit and proper to become a registered liquidator.
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. General partners are subject to liquidation. Zambian companies that become liquidators will be listed in this category for ease of access.