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Liquidators are the officer appointed when a company goes into winding-up or liquidation who has responsibility for collecting in all of the assets of the company and settling all claims against the company before putting the company into dissolution. In most jurisdictions, some liquidators' powers are defined by statute. The liquidators would normally require sanction to pay creditors and to make compromises or arrangement with creditors. Without sanction (unless it is a compulsory winding-up) the liquidators may carry on legal proceedings and carry on the business of the company so far as may be necessary for a beneficial winding-up. Without sanction, the liquidators may, inter alias, sell company property, claim against insolvent contributories, raise money on the security of company assets, and so all such things as may be necessary for the winding-up and distribution of assets. Wiki liquidatorsCisco
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