When a company is placed into administration or liquidation it requires different handling process according to the different cases, thus the need for specialization in the department to manage and administer the cases accordingly.
The Liquidation Division is divided into two main Sections, which are; Operational section and Policy and Administration Section. These two Sections serves the Liquidation Division according to the needs of Corporate Insolvency .
Policy and Administration Section
The Policy and Administration Section is the brains of Liquidation Division, it somewhat facilitate and assist with the roles and responsibility of the different specialization that we have in Liquidation Division. The Policy and Administration Section highly emphasize on the importance of new and functional methods that can resolve issues and grey areas that can be interpreted as technical flaws, thus brainstorming sessions is a norm within the division, sessions like these would lead up to new policies and procedures introduced, to ensure the efficiency and the effectiveness of liquidation.
The Policy Section would refer to the feedbacks and inputs from the Operational Section to analyze and process the data’s which derives from the states. This data’s which has been captured are batch into different segments of Liquidation. The analyzed data and inputs are then generated in the State Director’s Meeting every quarter of the year. Besides projecting the statistics the main idea of going through and analyzing the statistics, is to keep us on track with our goals and objectives in the Policy Section this is to enhance the back room experience.
The section, also plays the role of Human Resources, administering the staffs within the division, this is to ensure a conducive working environment that is fit for all the staff.
The Operational Section is the heart beat of Liquidation Division, they take on the role of observing, monitoring and supervising the administration of cases by the state. Their responsibility is beyond batching and compiling entries but to identify any issues that could be the cause of irregularities within the state. Obviously the main goal is to achieve the years target by seeing more dividends are being distributed and ultimately to dissolve aged and dormant files, thus it is important that the Operational Section to ensure the Liquidation process is executed accordingly.
Operational Section t they are also the front liners of the Division, they will identify any issues within the liquidation process, which can be seen from the states reports and statistics. Operational Section is to notify as well as working together with the Policy and Administration Section to find solutions and remedies as well as new approaches that can be adopted into the division.
The Operational Section also includes a team of officers that is in charge of monitoring and observing Approved Liquidators, their role among many other is to correspond with complaint lodged against the approved liquidator, this is to ensure all approved liquidator will act according to the act.