What is the effect of liquidation on a company?
Upon appointment, liquidators take control of all assets of a company, including the business if it is still trading.
Liquidators have full authority to conduct and sell any business in the name of the company.
Ultimately, the liquidator will dispose of the company's assets and look to distribute the proceeds of the sale to proven creditors.
Conversely, upon appointment of Liquidators, any power formely held by director(s) is relinquished in favour of the Liquidators.
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