Liquidator shall submit to the court a preliminary report with regard to capital issued, subscribed and paid, the estimated amount of assets and liabilities
Reports causes of the failure of the company and whether in his opinion, fraud and punishable offense have been committed by directors and other officers
He shall collect all the assets of the company, prepare schedules of creditors and contributories and distribute proportionately the total realisations
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Liquidation, also referred to as "winding up", is the process by which a company's assets are liquidated and the company closed or deregistered
The liquidator is appointed, either by the shareholders or the court. The liquidator represents the interests of all creditors.
The liquidator shall conduct the proceedings in winding up the company and perform such duties in reference thereto as the court may impose
Liquidator shall submit to the court a preliminary report with regard to capital issued, subscribed and paid, the estimated amount of assets and liabilities
Reports causes of the failure of the company and whether in his opinion, fraud and punishable offense have been committed by directors and other officers
He shall collect all the assets of the company, prepare schedules of creditors and contributories and distribute proportionately the total realisations
Throughout the performance of his duties, Official Liquidator should obey the orders and carry out the advice and directions of the court
The liquidator may call the meetings of creditors and contributories whenever he may deem fit for the purposes of ascertaining their wishes.
The liquidator shall keep, in the manner prescribed, proper books in which he shall cause entries or minutes to be made of the proceedings at meetings
Official Liquidator shall pay all cash collections made by him into the public account of India in the Reserve Bank of India.
The liquidator will have to appoint a Committee of Inspection to assist him if the court so directs.