Liquidator

Summary

This practice note discusses the process involved in the appointment, removal and/or discharge of a liquidator. This practice note also examines the role and status of the liquidator; in some cases, the liquidator may be considered an agent for the companies, and in others, a quasi-trustee for the creditor. Despite the liberal interpretation of the powers and duties of a liquidator, the liquidator is compelled to perform their duties as officers of the court and may even be ordered to refund money paid to the liquidator under mistake of law. This practice note also discusses the liquidator's protection from vexatious litigation under WURA and their limited liability as provided for by the liquidator appointment order. Finally, this practice note briefly examines the appointment of inspectors whose duty it is to assist and advise the liquidator in the liquidation of a company.