WHAT ARE THE POWERS BESTOWED UPON A LIQUIDATOR?
In the event that a business owner decides its time to liquidate the business, we are always advised to employ the services of a liquidator. They are experienced in the process of business liquidation but better yet their occupation comes with certain perks that cannot be enjoyed by the common man.
They readily assume the power of the directors as soon as they are employed. This gives them the authority to fulfill the court’s request and satisfy disgruntled creditors. A liquidator can also place people under oath and then investigate their relationship within the company.
They can also appeal to the court on how best to proceed with the liquidation process. A liquidator also has the power to suspend any pending leases that may have a negative effect to the liquidation process. The liquidator can also employ a person who has specialized in the businesses field and use their experience to liquidate a business.
These are just some of the legal powers that have been given to a liquidator to make their jobs easier.