The main duties of a Liquidator include:
- take possession of a company’s property, including its books and records;
- list the people who are owed money and how much they are owed;
- list the people who must contribute to the company’s assets on its winding up and how much they have to pay;
- investigate the company’s affairs;
- sell the company’s assets;
- pay the company’s debts in the order the law states;
- give any remaining money to the members in line with their entitlements;
- report any suspected criminal offence by the company, a past or present officer (director, secretary and so on) or any member to the Office of the Director of Corporate Enforcement (ODCE) and the Director of Public Prosecutions (DPP).
When the voluntary liquidation is complete, the Liquidator must:
- write a report on the winding-up;
- call a general meeting of members;
- call a creditors’ meeting (in the case of a creditors voluntary liquidation);
- deliver their report to the Companies Registration Office (CRO).
In the case of an insolvent company (i.e. creditors voluntary liquidation), Liquidators must, within six months of being appointed, give the ODCE a report about the company directors’ conduct in the twelve months before the company liquidation. In certain cases, the Liquidator may also recommend the restriction or disqualification of company director/s (for example, where directors have not acted honestly and responsibly).
However, most company failures are not the fault of the directors and restriction or disqualification would only happen in a small minority of cases.
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