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The Kazar Slaven partners, individually or jointly, act as liquidator to investigate that all the assets of the company have been accounted for and distributes those assets amongst the creditors.
This method of winding up an insolvent company is commenced by the shareholders, however the appointment of the liquidator may either be ratified by the company’s creditors or they may nominate and vote for the appointment of an alternate liquidator.
The role of the liquidator is to realise the assets of the company and distribute those assets equitably amongst the creditors, conduct an investigation in order to determine whether all of the assets have been properly accounted for and determine whether there are any transactions which may be recoverable by a liquidator for the benefit of creditors.
It is also the liquidator’s responsibility to report offences such as failure to keep adequate records, directors allowing the company to incur debts at a time or times when the company is insolvent and breaches of duties by directors of failed companies to the Australian Securities and Investments Commission (ASIC).