The primary function of a liquidator is to wind-up the company by collecting and realizing all the assets of the company, settle all creditors' claims and distributes the surplus assets (if any) to the shareholders in accordance with their respective entitlements. It is the duty of the liquidator to ensure that at the end of the process, the company is dissolved completely.
Once a winding up commences, directors of the company cease to have any power to manage the affairs of the company and all matters are taken over by the liquidator immediately upon the commencement of the winding up.
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