- A person appointed by a court, or by the members of a company or its creditors, to regularize the company's affairs on a liquidation (winding-up). In the case of a members' voluntary liquidation, it is the members of the company who appoint the liquidator. In a creditors' voluntary liquidation, the liquidator may be appointed by company members before the meeting of creditors or by the creditors themselves at the meeting; in the former case the liquidator can only exercise his or her powers with the consent of the court. If two liquidators are appointed, the court resolves which one is to act. In a compulsory liquidation, the court appoints a provisional liquidator after the winding-up petition has been presented; after the order has been granted, the court appoints the official receiver as liquidator, until or unless another officer is appointed. The liquidator is in a relationship of trust with the company and the creditors as a body; a liquidator appointed in a compulsory liquidation is an officer of the court, is under statutory obligations, and may not profit from the position. A liquidator must be a licensed insolvency practitioner, according to the Insolvency Act (1986) as amended by the Insolvency Act (1994). On appointment, the liquidator assumes control of the company, collects the assets, pays the debts, and distributes any surplus to company members according to their rights. In the case of a compulsory liquidation, the liquidator is supervised by the court, the liquidation committee, and the Department of Trade and Industry. The liquidator receives a statement of affairs from the company officers and must report on these to the court.
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Liquidator — may refer to one of the following:*Liquidator (law), a person appointed to oversee the liquidation of a company *The Liquidator, a supervillain in the animated Disney television series Darkwing Duck *Liquidator (Chernobyl), a person who took part … Wikipedia
liquidator — liq·ui·da·tor / li kwə ˌdā tər/ n: one that liquidates; esp: an individual appointed by law to liquidate assets compare receiver Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Liquidator — Liq ui*da tor (l[i^]k w[i^]*d[=a] t[ e]r), n. [Cf. F. liquidateur.] 1. One who, or that which, liquidates. [1913 Webster] 2. An officer appointed to conduct the winding up of a company, to bring and defend actions and suits in its name, and to do … The Collaborative International Dictionary of English
Liquidator — (lat.), s. Liquidation … Meyers Großes Konversations-Lexikon
liquidator — 1825, agent noun in Latin form from LIQUIDATE (Cf. liquidate) … Etymology dictionary
liquidator — [lik′wi dāt΄ər] n. a person who liquidates, esp. one legally appointed to liquidate a company, etc … English World dictionary
liquidator — A person appointed by a court, or by the members of a company or its creditors, to regularize the company s affairs on a liquidation (winding up). In the case of a members voluntary liquidation, it is the members of the company who appoint the… … Accounting dictionary
liquidator — a qualified person appointed by a court to close down a business that is a proprietary company and realise and distribute its assets in payment of its liabilities. Glossary of Business Terms Person appointed by an unsecured creditor in the United … Financial and business terms
Liquidator — Person appointed by unsecured creditors in the United Kingdom to oversee the sale of an insolvent firm s assets and the repayment of its debts. The New York Times Financial Glossary * * * liquidator liq‧ui‧da‧tor [ˈlɪkwdeɪtə ǁ ər] noun… … Financial and business terms
Liquidator — In the most general sense, a person or entity that liquidates something. More specifically, a liquidator refers to an officer that is specially appointed to wind up the affairs of a company. The liquidator is legally empowered to act on behalf of … Investment dictionary