Liquidators and receivers, Business Law and Ethics

Liquidators and Receivers:

The distinction between liquidators and receivers must be kept clear:

(a) a receiver is a representative of secured creditors appointed by them (or by the court on their behalf) to enforce their security, ie. to take control of the company's assets subject to a charge and to raise money from those assets to pay the secured debt.  If the debt is paid the receiver vacates office and the directors resume full control;

(b) a liquidator is appointed by the court (compulsory liquidation) or by members and creditors (creditors' voluntary liquidation).  His task is to take control of all the company's assets with a view of their realisation and the payment of all debts of the company and distribution of any surplus to members.  At the end of a liquidation the company is dissolved.

Posted Date: 1/15/2013 5:54:38 AM | Location : United States







Related Discussions:- Liquidators and receivers, Assignment Help, Ask Question on Liquidators and receivers, Get Answer, Expert's Help, Liquidators and receivers Discussions

Write discussion on Liquidators and receivers
Your posts are moderated
Related Questions
Judicial Control: Conversely the courts can declare any law made as subsidiary legislation to be invalid or unacceptable under the ultra vires doctrine. Thus the law may be de

Part A Companies can raise finance by borrowing money and securing the debt by way of fixed or floating charge. Using case law in your answer explain what is the distinction b

Contracts illegal at the common law However a contract which is prohibited through the common law is frequently described as being as "contrary to public policy" as i.e. the c

QUESTION (a) Define the term 'contract' and explain the basic elements which constitute a valid and legally enforceable contract under the English Law (b) What do you unders

1. Tort reform refers to proposed changes in the civil system that would reduce tort litigation or damages. Proposals include, among other things,putting a cap on the amount a plai

QUESTION 1 In Mauritius, Industrial Relations are dealt with by a number of specialist institutions. Outline the role played by each of these institutions. QUESTION 2 "

Explain United Nations Commission on India and Pakistan One such resolution dated 20th  January 1948 created United Nations Commission on India and Pakistan (UNCIP), which was

Explain United Nations General Assembly A treaty may also be referred to as a Convention, Protocol, Agreement and Declaration. There are no legal reasons for using different na

Effect of Registration: S.16(2) of the Act provides that "from the date of incorporation mentioned in the certificate of incorporation the subscribers to the memorandum of a

Question 1: (a) Who is a director of a company and describe how he may be appointed. (b) What are the duties owed by directors under the Companies Act 2001? Question 2