Statute
Section 253 — Companies Act 1993: Principal duty of liquidator
Text of the provision Official document
253 Principal duty of liquidator Subject to section 254 of this Act, the principal duty of a liquidator of a company is— (a) To take possession of, protect, realise, and distribute the assets, or the proceeds of the realisation of the assets, of the company to its creditors in accordance with this Act; and (b) If there are surplus assets remaining, to distribute them, or the proceeds of the realisation of the surplus assets, in accordance with section 313(4) of this Act—
in a reasonable and efficient manner.
Official source: legislation.govt.nz
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