Under section 241 (1) of the Companies Act, a liquidator is entitled to exercise the following powers with sanction of court or committee of inspection:
Bring or defend actions or other legal proceedings in the name of and on behalf of the company.
Carry on the business of the company so far as may be necessary for beneficial winding up.
Pay any classes of creditors in full.
Make any compromise or arrangement with creditors.
To compromise all calls and liabilities to calls and other debts and liabilities.
Appoint an advocate to assist him in the performance of his duties.