A company is not a natural person and it is created by operation of law. In Fiji the Companies Act 2015 regulates Fiji companies and this includes how a company is created (incorporation) and how it ceases to be (dissolution).
A company may be dissolved either voluntarily or because it cannot meet the demands of its creditors and pay its debts. However, the law attempts to provide an orderly process when this happens, known as winding up.
When a company is wound up a liquidator is appointed who should act with professional efficiency to collect all the assets and settle all claims prior to the formal dissolution of the company. In this update, we highlight the recent changes to the Companies Act that aim to increase the regulation of liquidators by providing stricter requirements on who may be appointed as a liquidator.