 In a creditor's voluntary winding-up, he must report to the creditor's meeting on the exercise of his powers.The liquidator is generally obliged to make returns and accounts, owes fiduciary duties to the company and should investigate the causes of the company's failure and the conduct of its managers, in the wider public interest of action being taken against those engaged in commercially culpable conduct.A liquidator who is appointed to wind-up a failing business should act with professional efficiency and not exercise the sort of complacency that might have caused the business to decline in the first place.