14 November 2019
Understanding the concept of cross-border judicial assistance.
In winding up a company, a liquidator is usually saddled with the immediate
responsibility, upon appointment, of gathering and taking into his custody all
the assets of the company being wound up. This may sometimes require
instituting a legal action. The liquidator is also empowered to sell these assets
and the proceeds thereof form part of the monies to be distributed to the
creditors. He may also institute debt recovery actions against the debtors of
the company and/or intervene in actions involving the assets of the company.
In the course of the proceedings, it may be necessary to summon and cross
examine witnesses for information on the company’s assets, seek production
and inspection of documents, obtain interim seizure of assets etc. The work
of a liquidator in a winding up process will therefore generally require
different forms of judicial assistance.