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In that case, the general meeting will appoint the liquidator(s).
If not, the liquidation will proceed as a creditors' voluntary winding-up, and a meeting of creditors will be called, to which the directors must report on the company's affairs.
In most legal systems, only fixed security takes precedence over all claims; security by way of floating charge may be postponed to the preferential creditors.
Claimants with non-monetary claims against the company may be able to enforce their rights against the company.
Separate meetings of creditors and contributories may decide to nominate a person for the appointment of a liquidator and possibly of a supervisory liquidation committee.
Voluntary liquidation occurs when the members of a company resolve to voluntarily wind up its affairs and dissolve.
When liquidation occurs the company does not have the power to dispose of its property.
It only remains operational in order to complete the liquidation.
Where a voluntary winding-up of a company has begun, a compulsory liquidation order is still possible, but the petitioning contributory would need to satisfy the court that a voluntary liquidation would prejudice the contributors.The liquidator has the power of the company and company employees are dismissed.If it is a court-ordered liquidation, the court has the choice to stay or restrain any proceedings against the company when required.The liquidator will normally have a duty to ascertain whether any misconduct has been conducted by those in control of the company which has caused prejudice to the general body of creditors.In some legal systems, in appropriate cases, the liquidator may be able to bring an action against errant directors or shadow directors for either wrongful trading or fraudulent trading.