The bankruptcy liquidator is the person who replaces the administrator of the company during the liquidation period. You have certain obligations for the process to be completed successfully.
When a company decides to stop its economic activity and complete its liquidation process, one or more bankruptcy or judicial liquidators must be appointed. These new positions will obtain the power of representation of the company to carry out all the stipulated procedures.
In this sense, the liquidators can be appointed at the moment in which the dissolution of the company is agreed or once the liquidation period has begun. In certain companies, administrators can be appointed as liquidators.
Therefore, a bankruptcy liquidator is the person in charge of completing the liquidation process of a company. She is the substitute for the administrator during the final phase of the company in question.
Obligations of the insolvency liquidator
A bankruptcy liquidator must fulfill the following tasks in order to complete the liquidation process in the correct way:
- Carry out the accounting of the company throughout the process. Along with this, the accounting books must also be deposited and the corresponding documentation must be submitted.
- Carry out all the necessary tasks to complete the liquidation of the company. By acting as its representative, you must also be held accountable to justice if requested by a judge.
- You will need to close all pending trades before the settlement process is complete.
- Receive social loans and deal with the debts that the company has contracted with the different providers or financers.
- Periodically keep all the partners of the entity and the creditors informed about how the liquidation process is progressing.
- Achieve approval at the general meeting of partners of the distribution of assets among the owners, the final balance sheet and the report on the company's operations.
- Make an inventory of all those assets that the company owns in assets.
- Keep in an orderly and accessible way all the information regarding the company, such as accounting.
In conclusion, the bankruptcy liquidator is the position assigned by the general meeting of shareholders to carry out the liquidation process of a company. This figure replaces the Board of Directors and becomes the representative of the company during said process.
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