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- A liquidator is a person assigned to take charge of and wind up a company's affairs before it closes—usually due to bankruptcy. The liquidator is generally responsible for taking control of a company's assets and selling them on the open market for cash or equivalents.
www.investopedia.com/terms/l/liquidator.asp
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Who is a liquidator if a company goes bankrupt?
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Who is a liquidator?
Liquidation is a process under which a corporate debtor, or a company, ceases to operate and all its assets are dissolved. Prior to Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “The Code”), the liquidation process of a company was governed by the Companies Act, 2013.
Apr 12, 2021 · IBC and the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (hereinafter referred to as “Liquidation Regulations”) both deal with the process of liquidation of the corporate debtor. In order to carry out the liquidation process, a liquidator is appointed by the Adjudicating Authority.
Answer. The liquidator may, inter alia, perform the following duties: Make public announcement to call upon stakeholders to submit their claims; Verify claims of creditors; . iii) Take into custody or control all the assets, property, effects and actionable claims of the corporate debtor;
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Under Section 53 of the Act, the liquidator shall prepare a list of stakeholders and get it duly notified by the Adjudicating Authority for the liquidation process to commence. The liquidator shall prioritize the distribution of liquid assets to the creditors.
Feb 6, 2024 · Under the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (Liquidation Regulations), a liquidator is required to complete the process of liquidation of a...
Section 35 of the Code enumerates the Powers and Duties of the Liquidator which includes the following:-. to verify claims of all the creditors and consolidate them; to take into his custody or control all the assets, property, effects and actionable claims of the corporate debtor;
The liquidator has several powers that are granted by the Companies Act, of 2013 and the Insolvency and Bankruptcy Code, of 2016. These powers enable the liquidator to manage the company's affairs, collect and distribute its assets, and carry out the liquidation process.
