9.4 Rights and Duties of Liquidator

The liquidator's office: the winding up's officer — the estate's administrator (the company's affairs' collector-and-distributor; the fiduciary of the winding-up estate). The appointment: the voluntary route's own appointment (the members'-and-creditors' choice) vs the compulsory route's official liquidator (the court's appointment-and-officer); the qualification's-and-removal's discipline. The duties (the catalogue): (1) the custody-and-control (the company's assets taken (the books-and-property's possession)); (2) the collection-and-realisation (the debts called, the assets sold (the value's maximisation duty)); (3) the the debts' administration (the creditors' claims' admission-and-rejection (the proof-of-debt machinery), the preferential payments' hierarchy (the priority order: the costs-and-the preferential classes before the ordinary)), (4) the distribution (the pari passu principle (the equal class's pro-rata) — the surplus's return to the members); (5) the reporting (the creditors'-and-court's reports (the compulsory route); the final account's rendering); (6) the avoidance's actions (the antecedent transactions' recovery (the fraudulent preferences'-and-the transactions-at-undervalue faces — the estate's claws)); (7) the dissolution's completion (the end's order-and-reporting). The rights (the powers): the company's-and-the estate's acts (the carrying-on-the-business so far as the winding up requires (the beneficial-continuation's power)); the contracts'-and-suits' faces (the suits'-and-defences' conduct in the company's name); the sale-and-disposal powers; the borrowing's emergency faces; the professional help's employment (the accountants'-and-lawyers' retention); the examination's powers (the officers'-and-debtors' examination — the information's compulsion); the remuneration's right (the estate's-and-the court's discipline). The liability: the fiduciary's breach (the negligence-and-the dishonesty's…