Liquidation transfers the control of the Company from its directors to the liquidator.
In New Zealand most liquidators are appointed voluntarily by a Shareholders Special Resolution. When petitioned by a creditor, the High Court can also appoint a liquidator.
The primary duty of a liquidator is to take possession of a Company’s assets, and through the realisation of these assets distribute any return to the creditors.
THE 10 DAY RULE:
If the creditor has petitioned the court to liquidate your company you have ten days to appoint your own liquidator.