In the event of voluntary liquidation; the appointed of a liquidator is the responsibility of the?

A. directors
B. creditors
C. promoters
D. court

Correct Answer:

Option A – directors

Explanation

What is a Liquidator? A liquidator or an official receiver manages the entire liquidation process. He or she is appointed when a company goes into liquidation or is wound up by the Court in a compulsory liquidation process, which is brought about by a disgruntled creditor. In a voluntary liquidation, the board of directors appoints a liquidator