The liquidator is required to act in the interests of the creditors. He/she takes control of the company and its assets and manages its affairs without reference to the directors. He/she will sell the assets and may pursue any of the company’s claims against others – including its directors! The liquidator’s fees are payable from the company’s assets. The liquidator must lodge a report with ASIC as to the company’s affairs. Ultimately, the company will be deregistered.