Powers
In most jurisdictions, a liquidator's powers are defined by statute. Certain powers are generally exercisable without the requirement of any approvals; others may require sanction, either by the court, by an extraordinary resolution (in a members' voluntary winding up) or the liquidation committee or a meeting of the company's creditors (in a creditors' voluntary winding-up).
The liquidator would normally require sanction to pay creditors and to make compromises or arrangement with creditors. Without sanction (unless it is a compulsory winding-up) the liquidator may carry on legal proceedings and carry on the business of the company so far as may be necessary for a beneficial winding-up. Without sanction, the liquidator may, inter alia, sell company property, claim against insolvent contributories, raise money on the security of company assets, and so all such things as may be necessary for the winding-up and distribution of assets.
Read more about this topic: Liquidator (law)
Famous quotes containing the word powers:
“He who is conversant with the supernal powers will not worship these inferior deities of the wind, waves, tide, and sunshine. But we would not disparage the importance of such calculations as we have described. They are truths in physics because they are true in ethics.”
—Henry David Thoreau (1817–1862)
“And as the sun above the light doth bring,
Though we behold it in the air below,
So from th’ eternal Light the soul doth spring,
Though in the body she her powers do show.”
—Sir John Davies (1569–1626)
“The shadow of a mighty Negro past flits through the tale of Ethiopia the shadowy and of the Egypt the Sphinx. Throughout history, the powers of single blacks flash here and there like falling stars, and die sometimes before the world has rightly gauged their brightness.”
—W.E.B. (William Edward Burghardt)