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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.
Compulsory winding up: At the hearing other creditors of the company may oppose the petition. If so, the court is likely to decide in favour of those to whom the larger amoun
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