During a liquidation, the directors have no say in the running of the company – they must surrender control to the liquidator.
The directors have certain legal obligations during the liquidation, including:
- Advising the liquidator of all company assets
- Delivering the assets to the liquidator
- Handing over the company’s books and records
- Providing a report about the company’s business, property and financial position (within five business days in a creditors’ voluntary liquidation or 10 business days in a court liquidation)
- Responding to all reasonable requests for help by the liquidator
- Attending a creditors meeting (if required by the liquidator)
Lawyers
Insolvency Advisers
Debt Agents