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[amaccas]

What's the difference between a liquidator and an administrator? and the difference between liquidation and administration?

Is a liquidator someone who the parties have agreed upon to help determine whether winding up is necessary, and also to carry out the winding up. And an administrator, someone who is appointed by the court in default, who conducts the same kind of thing.

I'm pretty confused any help would be appreciated. Thanks.

 

[hfis]

In the context of company law, an administrator is a person appointed in a voluntary administration under CA Pt 5.3A to determine whether a company should come under administration according to an approved deed of company agreement, be wound up, or revert to normal operation.

A liquidator is a person appointed, in a winding up of a company, to assume control of the company's affairs and to discharge its liabilites in preparation for its dissolution. The liquidator ascertains the liabilities of the company, converts its assets into money, terminates its contracts, disposes of its business, distributes the net assets to creditors and any surplus to the proprietors, and extinguishes the company as a legal entity by formal dissolution: CA Ch 5.

Both of these definitions were lifted directly from the Butterworths Concise Australian Legal Dictionary (3rd ed).

 

[amaccas]

cheers!

 

[Frigid]

methinks hfis and me answer enough questions on BoS:Law forums to consider this an extra-curricular activity.. LOL.

 

[subdued123]

pity there's no CP points!

(if this were a UNSW subject)

 

[Frigid]

SD, do i know you in real life? i might.. i think i'm a decently popular kid within the faculty (although not to the point of infamy).... =\

 

[hfis]

methinks hfis and me answer enough questions on BoS:Law forums to consider this an extra-curricular activity.. LOL.

... to the extent that it was incredibly tempting to pass myself off as an 'online tutor' on cvMail. I shall somehow work BoS into any interviews I'm granted this year.

 

[amaccas]

ya word