• What do directors do during a liquidation?

    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)

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