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A liquidator is an individual or corporation appointed by the court, or by a corporation - serviceal

A liquidator is an individual or corporation appointed by the court, or by a corporation - serviceal 2025

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The document outlines the procedures and legal framework for the appointment and responsibilities of liquidators in the context of corporate liquidation in Alberta, Canada. It details the relevant legislation, including the Business Corporations Act, Societies Act, Companies Act, and Winding-Up and Restructuring Act, specifying the powers granted to liquidators and the registration procedures for court-appointed liquidators. The document serves as a manual for understanding the roles and processes involved in corporate winding-up.

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Who can act as a liquidator?

The liquidator is an authorised insolvency practitioner or official receiver who runs the liquidation process. As soon as the liquidator is appointed, theyll take control of the business. They will: settle any legal disputes or outstanding contracts. sell off the companys assets and use any money to pay creditors.

Who liquidates a company?

(3)The liquidator shall be the person nominated by the creditors or, where no person has been so nominated, the person (if any) nominated by the contributories. (b)appointing some other person to be liquidator instead of the person nominated by the creditors.

When can a liquidator be appointed?

(1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as the Company Liquidator.

Who is the liquidator of a company?

A liquidator is a person assigned to take charge of and wind up a companys affairs before it closesusually due to bankruptcy. The liquidator is generally responsible for taking control of a companys assets and selling them on the open market for cash or equivalents.

Who is a liquidator appointed by?

In a Creditors Voluntary Liquidation, the liquidator is ultimately appointed by the creditors. The appointment of the Liquidator is determined by a majority of those creditors voting in ance with their voting rights. The voting rights are determined by the value of the debt of each creditors.

What does liquidator appointed mean?

If the creditors appoint a liquidator, it is called a creditors voluntary liquidation and the creditors as a group supervise the liquidation. This type of liquidation involves an insolvent company one that cannot pay its debts as they fall due.

Who is the official liquidator?

The Official liquidator is the officer of high court. He is appointed from the date of the order of the winding up. He has certain duties to perform under the Companies Act and he has to do all the required things in respect of compulsory winding up of a company ing to the instruction of the high court.

A liquidator is an individual or corporation appointed by the court, or by a corporation - serviceal 2025

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