- 20 Marks
BCL – L1 – Q96 – Legal implications relating to companies in difficulty or in crisis
Differentiate between receiver and liquidator, and winding up and dissolution.
Question
(a) Briefly differentiate between the following:
(i) Receiver and liquidator
(ii) Winding up and dissolution
(b) Kwame is the Finance Director of Golden Enterprises Limited, an insolvent company whose creditors have applied to the court to appoint a receiver. Kwame wants to be appointed as a receiver since he is very much vested with the details of the company and feels better placed to deal with the creditors than any new person. Alternatively, his consultancy company, Grace Consult, should be appointed as a receiver.
What is your view?
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