Liquidator (law)

[2] Prior to that time, the equivalent role was fulfilled by "official managers" pursuant to the amendments to the Joint Stock Companies Winding-Up Act 1844 passed in 1848 - 1849.

They may be compelled to call a meeting of creditors or contributories when requested to do so by those holding above the statutory minimum.

[5] In a voluntary winding-up, the liquidator may exercise the court's power of settling a list of contributories and of making calls, and he may summon general meetings of the company for any purpose he thinks fit.

[7] The liquidator is generally obliged to make returns and accounts,[8] owes fiduciary duties to the company and should investigate the causes of the company's failure and the conduct of its managers, in the wider public interest of action being taken against those engaged in commercially culpable conduct.

However, it will be enough if the liquidator fails to display sufficient vigour in the discharge of his duties, for instance, by not establishing the current assets and recent trading of the company or in not attempting to secure favourable terms for the company in relation to the disposal of its assets.