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Liquidators, Receivers and Examiners: Their duties and powers
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The liquidation of a company is also known as ‘winding up’ a company. The process takes the company out of existence in an orderly way by paying debts from any available assets.
Receivership is used by banks or other lenders to sell a company asset that was promised to them if the company failed to repay its loan as agreed.
Examinership is a process that protects a company from its creditors (the people to whom it owes money) while efforts are being made to keep it running as a going concern.
Date
2012-08-28
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Office of the Director of Corporate Enforcement