 Without sanction , the liquidator may carry on legal proceedings and carry on the business of the company so far as may be necessary for a beneficial winding-up.Without sanction, the liquidator may sell company property, claim against insolvent contributories, raise money on the security of company assets, and do all such things as may be necessary for the winding-up and distribution of assets.In compulsory liquidation, the liquidator must assume control of all property to which the company appears to be entitled.