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Liquidator
Practical Law ANZ Glossary w-018-6725 (Approx. 2 pages)
Glossary
Liquidator
An independent individual who is appointed to administer the liquidation (or winding up) of a company. A liquidator may be appointed to a company by:
- A special resolution of the company's shareholders.
- A resolution of its board of directors on the occurrence of an event specified in the company's constitution.
- A resolution of creditors passed at a watershed meeting following the appointment of an administrator.
- An order of the High Court.
(Section 241(2), Companies Act 1993 (CA 1993).)
A liquidator's functions are to take possession of, protect, realise and distribute the company's assets among its creditors and shareholders in accordance with the provisions and procedures set out in the CA 1993.
(On 1 September 2020 a new licensing and regulation regime for liquidators was introduced, see the Insolvency Practitioners Regulation Act 2019 and the Insolvency Practitioners Regulation (Amendments) Act 2019. Under the new regime there is a one-year transition period for individuals to apply for licensing.)
For more information, see Practice note: overview, Liquidation.