[Describe the rights and duties of liquidator in case of winding up by Tribunal.]
Answer – Liquidator or liquidator or state liquidator ( Liquidator or Official Receiver)
A liquidator has an important place in the winding up proceedings of the company. give a bed
There are types- (a) Official receiver and (b) Liquidator. In case of compulsory termination, State Settlers are appointed; In case of voluntary termination, only nistaraks remain. They are appointed under various provisions of the Companies Act.
Under the provisions of the Companies Act, the Central Government can appoint any officer for the High Court. The Central Government may appoint one or more Sub-State Settlers to assist the State Settlers.
Rights of State Settlers
(Rights of Official Liquidator)
With the permission of the Tribunal, the State Settlement can get the following rights (1) to sell the permanent and temporary properties of the company.
(2) To obtain the necessary amount against the security of the assets of the company. (3) To carry on business, if necessary, for the profitable winding up of the company.
(4) To present any civil or criminal suit or to take any other legal proceeding on behalf of or in the name of the company.
(5) To assist in the discharge of his duties an advocate or legal adviser
(6) Selling the entire undertaking of the company as a continuing business.
(7) To make necessary settlement or arrangement with respect to the payment of the creditors of the company. (8) To take action for the winding up of the company and to distribute the remaining assets.
(9) Abandonment of rights in respect of inconvenient and unprofitable contracts. (10) To do such other acts as may be necessary for the dissolution of the company.
Duties of Official Liquidator
The following duties of the State Settler are important
(1) To take possession of all the properties of the company.
(2) Amount by sale of properties
(3) To pay the creditors.
(4) If there is a balance left after payment to the creditors, then to distribute this amount to the money lenders.
(5) To keep proper accounts relating to his rights.
(6) Filing of returns with the Court.
(7) To convene a meeting of creditors within two months from the date of winding up.
Appointment of Liquidator in case of Voluntary Winding-up – In case of voluntary winding up by the members, the Appointment of the Liquidator is done by the members in their assembly. In case of voluntary winding up by the creditors, the appointment of the liquidator is done separately in the meetings of both. If the person nominated by the creditors has been appointed as the dispossessor in the meeting of the members, then only one person will be the dispossessor. Its remuneration is also decided in the meetings itself. Its remuneration cannot be increased. If the seat of the disposer becomes vacant by death, resignation or otherwise, it is filled by the members or creditors in their respective meetings.
Rights of Liquidator in Voluntary Winding up – (1) In case of voluntary winding up, the liquidator can exercise all those rights which were enjoyed by the court in case of winding up.
(2) Right to demand arrears.
(3) Right to call meetings if necessary.
(4) Right to prepare list of shareholders
(5) The right to prepare his own remuneration.
Duties of Liquidator in Voluntary Winding up – (1) In case of voluntary winding up by the lenders, the duty of the liquidator is the same as above. The only difference is that in this case the liquidator should also convene the meetings of the creditors. (2) In case of voluntary winding up by the members, the proceedings of winding up continue for more than one year, then the disposer should convene a general meeting at the end of the first year and at the end of each subsequent year and record his conduct before the meeting. Accounts should be submitted. when the company
When the winding up proceedings are completed, the liquidator should also convene a final meeting of the shareholders.