An individual or entity that liquidates an asset or property. More specifically, it pertains to a person appointed by shareholders or unsecured creditors to manage winding up the company by selling its assets. They are legally authorized to act on behalf of the form in several capacities. Also, they assume control of business; collect and auction off unpledged assets in a short span of time. The proceeds will then be given to the creditors. If any money is left, it will distributed to shareholders that is proportional to their holdings.
In the United Kingdom, liquidator is also called insolvency practitioner.