WINDING UP 
241 
by statute upon the liquidator, but it will be found that 
incidentally the wide powers expressly specified by the 
legislature include numerous minor auxiliary powers. 
A liquidator should enter upon his duties at the earliest His Duties. 
possible moment after his appointment. His primary duties 
are realisation and distribution of assets, and all that he 
does will be directed towards these two ends. 
One of his earliest duties is prescribed by s. 250 of the Act. 
By s. 250 he is bound, under a penalty of £5 per day, within 
twenty-one days of his appointment to deliver a notice thereof 
to the Registrar in the form prescribed by the Board of Trade; 
and, as already mentioned, he must see that the winding up 
resolution has been duly advertised in accordance with s. 226. 
The liquidator, after his appointment, will immediately 
proceed to take possession of the company’s books and 
documents. If he is the secretary, he will, probably, have 
no difficulty in doing this, as, so far as the books kept at 
the registered office of the company are concerned, they will 
he ready to hand, whilst, if the company is a trading com- 
pany, the ordinary business books will be available at the 
place where the company’s business has actually been 
carried on. If the liquidator is unconnected with the com- 
pany, e.g. a chartered accountant, his labour in ascertaining 
that he has control of all the books and documents of the 
company, whether at the registered office or elsewhere, will 
usually be greater. It is the duty of the liquidator, if he 
finds any book or document missing, to ascertain its where- 
abouts, or, if he fails to discover books or documents that he 
would expect to find, to make inquiries and satisfy himself 
as to their existence or non-existence. Practically all of 
the company’s books will be of assistance to the liquidator 
in the discharge of his duties. For example, the Seal Book, 
if one be kept, should contain particulars of documents to 
which the common seal has been attached, and will be of use 
in enabling the liquidator to ascertain what documents of 
importance are in existence. 
[n taking possession of the books and documents of the 
company, the liquidator may find that some are in the 
possession of a solicitor or other person who claims a lien 
upon them for money due. The liquidator will then proceed 
to inquire whether this lien is valid. If it is obviously in- 
valid, e.g. if it is upon certain books which are, by statute, 
required to be kept at the registered office of the company— 
the Register of Members, for instance—the liquidator must 
insist upon the delivery up to him of the books or documents 
in question. If the validity of the lien be doubtful, and no 
Taking 
Possession 
of Property