The liquidator has a duty to all creditors, its powers under the Companies Act include but are not limited to:

• Taking control of and realizing a company’s assets in order to distribute the monetized assets to creditors;
• Bringing or defending Court proceedings in the name of the company, to recover debts due to or dispute debts alleged to be owed by the company. This includes bringing a legal action with a view to recovery from directors of the company. S376 CA
• Carrying on the business of the company to the extent that this is necessary for the beneficial winding up of the company.
• Paying debts and compromising/reaching a settlement on claims and liabilities of the company.
• Selling any real or personal property of the company.
• Executing deeds, receipts and other documents in the name of the company.
• Doing all such other things as may be necessary for winding up the affairs of the company and distributing its assets.

In a compulsory winding up, the liquidator’s powers are subject to the control of the Court and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of any of those powers.

The liquidator may also apply to the Court for directions on any matter arising under the winding up.