Discuss the powers of the liquidator With the sanction of the court.

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.

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