Company liquidators have numerous duties and responsibilities to successfully wind up a company, including:
• Open an account under the company’s name to deposit funds that can be reclaimed from selling off company assets;
• Take inventory of company assets and liabilities;
• Prioritize outstanding debts and divide assets between various shareholders;
• Repay loan taken;
• Represent the business in courts, if litigation is filed;
• Provide a report declaring assets of the business and settlement of liabilities