Session 1, 2016 1 ACCG308 Homework Solutions Week 13 Liquidation 14.8 What are a liquidator’s responsibilities with respect to a company’s assets? The liquidator must collect the assets, then realise them. The text mentions some specific matters –Finding evidence of assets. –Taking control or possession. –Realisation methods, including sale as a going concern. –Powers to continue operating, and to disclaim assets. The liquidator must also distribute the assets or the proceeds from their sale, first to creditors and then to members. Creditor distributions must be in accordance with legal rules on priorities of payment; member distributions are normally made in accordance with contractual agreements.
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