The three major classes are: As cash is generated from the liquidation sale, creditors are paid in that order.
If a company needs to liquidate its assets quickly, there are businesses that specialize in liquidation.
It is recommended to decline the task in writing in order to have tangible proof of the refusal.
It is preferable to accept or refuse the office of liquidator within 6 months of the testator's death.
A person may designate one or several persons as liquidators.
Accepting, refusing or replacing the liquidator Unless he or she is the only heir (see definitions), the liquidator, even designated in a will, is not bound to accept the office.
But there are different classes of creditors that determine in what order they are paid.However, the heirs may also designate a third party, such as a notary, to act as liquidator by majority vote.In some cases and under certain conditions, the liquidator may be replaced, for example due to his or her failure to administer the succession appropriately.Exemption from performing an inventory of the property The liquidator may omit to make an inventory of the property of the deceased person if: If they exempt the liquidator from making an inventory and the succession is not solvent, the heirs are liable for the succession's debts.Where the liquidator does not follow all the steps of the liquidation process, he or she must nevertheless obtain a certificate authorizing the distribution of the succession's property fromand the Canada Revenue Agency.