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Liquidation Procedures And Creditor Priorities In Corporate Dissolution Once a company is in liquidation, a liquidator is appointed to realize the company’s assets and make a distribution to creditors. on appointment of a liquidator, all the powers of directors cease and the affairs of the company as well as its assets are vested in the liquidator. The process of liquidation is done by the appointed liquidator who would look into the interests of the company , its members and its creditors. compulsory liquidation is usually initiated by the creditors.
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