Used when a business is closing down permanently and needs to handle its finances and assets lawfully. The shareholders voted for a liquidator to finalize the company's closure.
Pro Tip 2/3
Financial Responsibility
Signifies someone trusted with the serious task of distributing a failing company's remaining money. A liquidator must be fair in allocating funds to the company's creditors.
Pro Tip 3/3
Legal Authority
Indicates a person with legally granted power to dissolve a corporation or business. By law, only the appointed liquidator can sell the company's patents.