The Status and Role of Liquidators in the Winding-Up of Companies in Nigeria: A Critical Evaluation

Abstract

Winding-up or liquidation is the process by which the company’s life is terminated and its property administered, for the benefit of its creditors, members and other interested parties.  The liquidator is the principal officer involved in the winding-up proceedings and it is obvious that he has to perform his functions and exercise his powers effectively and without abuse, in order to address the claims of all the parties satisfactorily.  This paper therefore evaluates the status and role of the liquidator in the winding-up of companies in Nigeria.  It also proffers suggestions on the measures to be adopted to achieve effectiveness in the exercise of his powers and performance of his functions for the overall benefit of all the interested parties in the winding-up proceedings.

Keywords:  Legal status, Powers and functions, Liquidators, Winding-up of Companies.