Liquidator


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Liquidator

Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts.

Liquidator

In bankruptcy, a person placed in charge of a company sometimes by creditors or shareholders, but often by court order who must oversee the winding down of operations and sell all assets. As the liquidator sells off assets, he/she uses the proceeds to pay creditors, starting with secured creditors, by giving them proceeds from sold collateral, followed by unsecured creditors. If there is any money remaining, the liquidator distributes this to the shareholders, if any, or the owner. The liquidator is paid a fee for these services. See also: Receivership.

liquidator

see LIQUIDATION, INSOLVENCY.
References in periodicals archive ?
ACN 010 702 020 Pty Ltd formerly known as Sedco Communications Pty Ltd ACN: 010 702 020 Liquidator appointed: Michael Carrafa of SV Partners
assessed more than 700 AA fund applications and approved more than 260 applications, and assisted liquidators obtain books and records or RATAs in more than 390 external administrations and prosecuted more than 370 directors for failing to assist registered liquidators.
The liquidator will submit to the ministry the final account of the defunct association.
The legislature did not explicitly provide judicial immunity to the Liquidator, nor does there appear to be any case law directly on point discussing this issue in detail.
Yesterday, Mr McKinnon said: "Any fees I draw as liquidator are approved by the creditors.
The latest Joint Liquidators Report into the collapse of Long bridge three years ago reveals that many claims worth a total of up to pounds 500 million are still unresolved.
Registering as a creditor with the receiver or liquidator, if the debt is not covered by the fund.
The sudden failure of one of the state's largest auto body chains left 2,000 cars stranded in repair lots, but liquidators hope to have them back in owners' hands as soon as today.
It is very satisfying that an additional bank has chosen Orc Liquidator.
Modern business is a curse and while the big-hitters will be first in the queue, the liquidator will be in front of them all.
made corporate history in Australia by becoming the first company in the country ever to be successfully restructured and redeemed from provisional liquidation, UMP's provisional liquidator said.
Should we include the liquidator who becomes alcoholic because of the mistaken belief that vodka fights off radiation, then dies of heart disease at age 28?