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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

liquidator

see LIQUIDATION, INSOLVENCY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
The bank where the assets of the society and debtors are deposited has been banned from disposing of anything relating to the dissolved association, unless authorised in writing by the liquidator.
He said the liquidator had since the last sitting of Parliament scaled down the care and maintenance of BCL and Tati mines by stopping pumping out of water at the south east extension and suspending repair work as well as cleaning on the surface infrastructure and all its associated equipment that had been flooded.
The FLSP Rules describes the liquidator as an officer of the court who has the principal duty of preserving and maximizing the value and recovering the assets of the debtor.
According to Deloitte, the liquidator, the vote empowers it to investigate matters relating to the collapse of the group, including potential conflicts of interest between the boards of Babcock & Brown and affiliated company Babcock & Brown International Pty Limited which held most of the group's assets.
He said there was no Collective Labour Agreement between the liquidator and trade unions as the liquidator was not an employer, but was rather executing his functions in terms of the Insolvency Act Chapter 42:02 and workers were engaged in their capacity as creditors.
'In fact I have asked the liquidator to optimise employment levels to comply with the relevant legislation, in particular, as it relates to safety and health,' he said.
He told Parliament that the liquidator could not be paid from the proceeds of the liquidation as these would only be realised once the estate had been wound up.
Cork, the liquidator of the company, written statements of the amounts that they claim to be due to them from the company and, if so requested, to provide such further details or produce such documentary evidence as may appear to the liquidator to be necessary.
Cork, the liquidator of the company, written statements of the amounts they claim to be due to them from the company and, if so requested, to provide such further details or produce such documentary evidence as may appear to the liquidator to be necessary.
Bobby Waters of PwC, One Spencer Dock, North Wall Quay, Dublin 1, the Liquidator of the said Company, and if so required by Notice in writing from the Liquidator, are to file such Affidavits in proof of their claims as they may be advised and to give notice of the filing thereof to the Liquidator, and to attend at such time and place as shall be prescribed in such Notice or, in default thereof, they will be excluded from any distribution made before such debts or claims are proved.