The following section provides an overview of the primary responsibilities and duties of liquidators, receivers and examiners. Details of their complete responsibilities under the Companies Acts, under secondary legislation and related case law is available in the ODCE Information Book "The Principal Duties and Powers of Liquidators, Receivers and Examiners" downloadable under the "Related Links" section at the end of this page.
Liquidators
A liquidator is a person who conducts a liquidation or winding up. The main legislative provisions concerning liquidators are set out in Part VI of the Companies Act, 1963, Part VI of the Companies Act, 1990 and Part 5 of the Company Law Enforcement Act, 2001.
Principal Duties of Liquidators
The general functions of both voluntary and Court-approinted (official) liquidators are the same i.e. to:-
- inquire into the company's affairs;
- realise its assets;
- pay its debts, and;
- distribute any surplus to the members.
Receivers
A receiver is a person appointed pursuant to a dedenture (loan agreement) or a Court order, whose main task is to take control of those of the company's assets that have been mortgaged or charged by the company in favour of a debenture holder (lender), to sell such assets and apply the proceeds to discharge the debt owing to the debenture holder.
The main legislative provisions concerning receivers are set out in Part VII of the Companies Act, 1963 and Part VIII of the Companies Act, 1990.
Examiners
An examiner is a person, appointed to a company by the Court, who assesses the affairs of a company which has been placed into 'examinership' and, if possible, prepares a plan for the rescue of the company, its undertakings or substantial parts thereof.
The main legislative provisions concerning examiners are set out in the Companies (Amendment) Act, 1990, Part IX of the Companies Act, 1990 and Part II of the Companies (Amendment) (No.2) Act, 1999.
Related Links: