JAMB Commerce 2018 Paper

Concept:Liquidation of a company must be handled by the proper officer appointed by law.Explanation:When a company is to be liquidated, it is said to be wound up.The first step is to appoint a liquidator.The liquidator takes control of the company's assets, pays its debts, and settles claims.After that, the company is formally dissolved.A receiver only deals with assets charged to debenture holders, not the whole company.