6.4 Appointment of Liquidator, Effects of Appointment, Functions, Duties andPowers of Liquidator

Appointment: by the members (voluntary) or the court (compulsory); the eligibility (the licensed insolvency practitioners' face — the professionals' discipline); the OCR's oversight. Effects of theappointment: the liquidator takes over the company's custody and management; the directors' powers end (the board's death); the suits' stay (the leave-of-court discipline for pending proceedings); the employees' and officers' cooperation duties; the disposition of assets outside the process is void. Functions: collect and realise assets; examine claims; carry on business only to beneficial winding-up; distribute by the priority ladder (6.7); report to the creditors/members and the authority. Duties: fiduciary (the company's and creditors' trust); accounting (the liquidation account); the statutory filings; even-handedness (the pari passu discipline among the unsecured). Powers: sell, sue and defend, borrow (only where the process needs), execute documents, summon meetings, compromise claims, and apply to the court for directions — the liquidator as the company's undertaker with powers.