please tell me the difference between official liquidator and companies liquidator as per companies act

thanks
 
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chartered accountant

If your company is insolvent then the court would appoint an official receiver to liquidate your assets to pay your creditors if a winding up order is made. It is important to keep in mind that an insolvent company’s main responsibility is to its creditors. Directors and stakeholders do not factor into the equation.

 

Going on from there, if your company is still solvent and can demonstrate that all debts can be paid then you can instruct a liquidator to sell the company's assets, pay debts and then distribute any remaining funds. 

 
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