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.
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