CBC_LIQUIDATORS

[Query and answer statement] Serial | Question | Answer | Reference | Supporting documents link | Remarks (if any) 01 | What is the criteria to be liquidator (for voluntarily Winding Up)? | Criteria to be liquidator (for voluntarily Winding Up): Any person can be the liquidator for Voluntary Winding Up subject to the appointment by the decision of meeting by the company and/or its creditors. | Section-298 & 299 of The Company ACT-1994 | Section-298 & 299 | In practice extpart personel such as Solicitors, Chartered Accountants,Chartered Management Accountants, Consultants and other person who has relevant experiances can be nominated for voluntarily liquidators) 02 | What are the responsibility of liquidator (for voluntarily Winding Up) during the winding up process? | Following are the roles/responsibilities of liquidator for the volunarily winding up process: >Liquidator can exercise all kind of judicial power for companies day to day activities; > Liquidator can prepare the list of creditors and that list will get the priority to among all other creditors; > Liquidator can exercise all the power of the court to called for the amounts of shares and all others amounts; > Liquidator can call all kinds of general meeting including EGM; > Liquidator can pay the debts of the company. | Section-308 of The Company ACT-1994 | Section-308 03 | What is the fees for liquidator (for voluntarily Winding Up)? | Fees of Liquidators: There is not mentioned any fixed amount to appoint a liquidator in Copany Act 1994. The company in general meeting shall appoint liquidator and fix the remuneration as they think fit. | Section-292 of The Company ACT-1994 | Section -292 [Supporting SL No-01] Section-298 & 299 [Supporting SL No-02] Section-308 [Supporting SL No-03] Section -292