Explain the powers and duties of liquidator and provision liquidator under CA1965

Powers of liquidator (refer to section 236 unless stated otherwise)

1. To replace board of directors - Re Crest Realty Pty Ltd

2. Carry on company's business for winding up purposes.

3. Bring and defend proceedings on the behalf of company.

4. Sell company's property.

5. Appoint agent or any other necessary things to wind up the company.

6. Sign in the name of company and use company's seal when necessary

Duties of liquidator

1. Fiduciary duty- Commissioner for Corporate Affairs v. Harvey

2. Protect company's assets

3. Safeguard company's assets

4. Adjudicate disputed cases.

5. Realize assets and apply proceeds to creditors and members.

6. Lodge account with CCM on how the properties are distributed. S281

7. Main records, minutes of meeting and accounts, acquaint with company's affairs. Report breaches of act to court.