Liquidating of

13 Jan

After these steps have been carried out, the company is formally dissolved.

The application may be brought by the company or a majority of its directors, or by the Registrar of Companies, or by a creditor.

If the company is solvent the shareholders can supervise the liquidation.

However, if the company is insolvent, the creditors may take control of the liquidation process by applying to the court.

The liquidator represents the interests of all creditors.

The liquidator supervises the liquidation, which involves collecting and realising the company's assets (turning them into cash), discharging the company's liabilities, and distributing any funds left over among the shareholders in accordance with the company's constitution (or the COMPANIES ACT 1993 if there is no constitution).