The liquidator (in any type of liquidation) has numerous statutory powers but in the exercise of some of them he must obtain the approval of the court, or of the committee of inspection or of meetings of members or creditors. He may always apply to the court for an order to resolve any unusual difficulty.
The more important statutory powers of the liquidator are:
(a) to conduct legal proceedings in the name and on behalf of the company;
(b) to carry on the business of the company so far as may be necessary for the beneficial winding up thereof.
(c) to appoint an advocate and to assist him in the performance of his duties;
(d) to pay any classes of creditors in full;
(e) to make any compromise with creditors;
(f) to compromise calls: s.241(1).