Question

Answer in one sentence
Name the authority attached to High Court which helps in winding up of companies??

Answer 1

Official Liquidator

Explanation:

• Liquidator is the person who perform the procedure of liquidation, in the case of winding up of the company and it needs to realise the assets in order to distributed among the debenture holders, shareholders and creditors.
• And for this motive a person or an individual is appointed or assigned who perform or conduct the necessary things before the company winds up and this person referred to as the Liquidator of the company.
• Official liquidator is the one who will be appointed or assigned at the duration of the compulsory company winding up. Therefore, the official liquidator is the authority that is linked to High Court and helps in winding up procedure of company.