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Differences between Liquidators and receivers:
There are also significant differences:(a)a liquidator has numerous statutory powers. A receiver must rely on the powers given by the debenture under which he is appointed (or by the court);(b)a receiver is personally liable on the contracts which he makes for the company. A liquidator has no such liability. But either, if he fails to perform his duties properly, may be called to account in various ways.
Declaration and Payment: There is no provision in the Act dealing with payment of dividends. It is therefore governed by the provisions of the company's articles, failing whic
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Protection of General Public: It may happen that a resolution reducing a company's capital was passed in circumstances which indicate that the shareholders had not been proper
DISCLAIMER OF ASSETS: The liquidator has a statutory right of disclaimer of assets: s.135. The rules are: (a) he must obtain leave of the court; (b) the right o
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