liquidator
Definition
Person appointed by the shareholders or unsecured creditors, or on a court order, to manage the winding up of a firm by selling off its assets. Most countries require a suitably qualified liquidator which (as in the UK) is also called an insolvency practitioner. On appointment, the liquidator assumes control of the business, collects and auctions off its free (un-pledged) assets in a reasonably short time, pays the unsecured creditors from the proceeds of the sale, and (if any money is left) distributes it among the shareholders in proportion to their shareholdings.
liquidator is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
liquidator appears in the definitions of the following terms: members' voluntary liquidation, official receiver, fraudulent trading, compulsory liquidation, creditors' voluntary liquidation, voluntary winding up, insolvency practitioner and misfeasance proceedings
liquidator appears in the other terms: closeout liquidator, insurance liquidator, job-out liquidator
This content can be found on the following page:
http://www.businessdictionary.com/definition/liquidator.html
email to a friend
print this definition
cite this definition
link to this page