A liquidator is a licensed insolvency practitioner appointed to wind up a company. Their duties include taking control of company assets, investigating the company’s affairs and the conduct of its directors, realising assets to generate cash, paying creditors in the legally prescribed order of priority, and ultimately dissolving the company. In a CVL, the liquidator must also report to the Office of the Director of Corporate Enforcement (ODCE) on director conduct. Liquidators have significant legal powers — they can investigate transactions, challenge disposals made before the liquidation, and pursue directors for wrongful or fraudulent trading. They owe their primary duty to creditors, not to directors or shareholders.
