The duties of a liquidator are as follows:
The liquidator in performing the aforesaid duties shall have the power to act on behalf of the company in all litigation matters; however, the transfer of the business including assets and liabilities to others shall be effected only if all shareholders so concur.
- To wind up all pending business;
- To collect all outstanding debts and to pay off all claims;
- To allocate surplus or loss; and
- To allocate the residual assets.