POWERS OF THE LIQUIDATOR

Question 1

POWERS WHICH REQUIRE NO PERMISSION:

Answer 1

the liqudator may:
1. execute in the name of the company any deed, receipt of other document, using the company’s seal
2. prove a claim in the estate of any debtor of the company and receive payment in full or of any dividend.
3. draw, accept, make and endorse any bill of exchange on behalf of the company
4. summon a general meeting of the company or, of the creditors.

Question 2

POWERS WHICH REQUIRE THE MASTER’S CONSENT:

Answer 2

He may, at any time before convening the general meeting:
-terminate any lease under which the company hired movable or immovable property.
-sell any movable or immovable property of the company
-take urgent legal proceedings for the recovery of outstanding accounts.

Question 3

POWERS THAT REQUIRE AUTHORITY OR THE CREDITORS:

Answer 3

-to submit disputes to arbitration
-to terminate contracts of lease
-to institute or defend any legal proceedings
-to compromise debts due to the company
-to enforce or abandon uncompleted contracts for the acquisition of immovable property.

Question 4

FOR EVIDENCE TO BE ‘SUFFICIENT’ DURING THE STAY OR SETTING ASIDE O WINDING-UP PROCEEDINGS

Answer 4

-it should indicate that the creditors applied their minds to the matter
-it should provide the factual basis on which they formed their view
- P A Venter Worcester case