A recent case[1] is a reminder to creditors in a voluntary winding up that the Court has the power to appoint an additional or special purpose liquidator (SPL) to carry out a set function in the orderly liquidation of a company where it is 'just and beneficial' to do so.
What is a special purpose liquidator?
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Introduction
In the hire industry, it is common for hirers to incur significant exposure on customer accounts where credit is extended in circumstances where security is not provided. In a difficult economic climate, ensuring your customers promptly pay for hired goods, or pay at all, can be challenging.
A recent analysis[1] has found that:
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