Being determinedly in exchanging an organization, a vendor has a wide extent of powers which empowers him to examine which association resources are to be offered to settle the organization's obligations.
The liquidator takes lead of the business itself, meets the time-limit for all the paper works, keeps the authorities well-informed, settles all claims against the company, meets the directors, and prepares the liquidator’s reports on the reasons behind the winding up of a company. The liquidator will provide details regarding any occasions of misconduct or unlawful activity and recommend to the Secretary of State/Official Receiver whether any further activity or investigation may be required.
Included in the report will be details of any antecedent exchanges, like preference payments or transactions at undervalue, which may have contributed to the organization's poor financial position. The liquidator’s report will give a general overview about the organization’s affairs, a comprehensive account of its journey into bankruptcy, and whether in the liquidator’s opinion, directors can be held to blame at any time during the previous three years.