Liq can convene general meeting of creditors to ascertain their wishes (s 479(2) – compulsory; s 506(1)(f) voluntary) – PTO Specific duties of liquidator Collecting the assets company’s Preserving the assets company’s Selling the assets Distributing proceeds of the sale Proper administration Acquaintance with affairs on with comp) company’s (know what’s going Effecting deregistration Collecting assets company’s Liquidator required to take into personal custody or control all the property to which the company is, or appears to be entitled (s 474(1)) Assets available include all property owned by the company at the date of the commencement of the winding up In some circumstances the liquidator can take action to recover property disposed of before commencement of winding up antecedent transactions – Antecedent transactions Antecedent transactions entered into before commencement of the winding up (also called voidable transactions) Part 5.7B, Division 2 - applies only to insolvent company liquidation. Liquidator can apply to Court to make such transactions voidable + recover value of any property lost because of the transaction. Example of types of antecedent transactions covered in CA: Unfair preferences (s 588FA); Uncommercial transaction (s 588FB). Defences - s588FG(2) Preserving assets company’s Liquidator under duty to preserve assets until they can be realised. company’s liquidator can carry on the business of the company: s477(1)(a). But business can only be carried on for the purpose of a beneficial winding up, not with a view to its continuance (Re Wreck Recovery) Creditors who supply essential services:
Liq can convene general meeting of creditors to ascertain their wishes (s 479(2) – compulsory; s 506(1)(f) – voluntary) PTO Specific duties of liquidator Collecting the company’s assets Preserving the company’s assets Selling the assets Distributing proceeds of the sale Proper administration Acquaintance with company’s affairs (know what’s going on with comp) Effecting deregistration Collecting company’s assets Liquidator required to take into personal custody or control all the property to which the company is, or appears to be entitled (s 474(1)) Assets available include all property owned by the company at the date of the commencement of the winding up In some circumstances the liquidator can take action to recover property disposed of before commencement of winding up – antecedent transactions Antecedent transactions Antecedent transactions entered into before commencement of the winding up (also called voidable transactions) Part 5.7B, Division 2 - applies only to insolvent company liquidation. Liquidator can apply to Court to make such transactions voidable + recover value of any property lost because of the transaction. Example of types of antecedent transactions covered in CA: Unfair preferences (s 588FA); Uncommercial transaction (s 588FB). Defences - s588FG(2) Preserving company’s assets Liquidator under duty to preserve company’s assets until they can be realised. liquidator can carry on the business of the company: s477(1)(a). But business can only be carried on for the purpose of a beneficial winding up, not with a view to its continuance (Re Wreck Recovery) Creditors who supply essential services: