Eligibility to be a liquidator

Only someone eligible to be a member of a governing body may be a liquidator.

Only someone eligible to be a member of a governing body (i.e. regardless of whether they are an individual or a legal entity) may be a liquidator. If a liquidator is removed or vacates their appointment before the legal entity is wound up, the competent authority appoints a new liquidator for the legal entity without undue delay. If a legal entity is in liquidation and no liquidator has been appointed, all members of that entity’s governing body exercise the powers of a liquidator.

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