If I have some goods which belonged to X company under my custody but X company has just turned into Creditors Voluntary Liquidation (CVL). I received a letter from the liquidators of X Company requesting me to return those goods to them. My questions are:
Can I distrain those goods as X Company owed my company money? Can I set off the debts in this way (i.e.sell the goods and get the money to discharge the debts owed by X Company) since it is not a compulsory winding up but a voluntary winding up and I believe the court has not intervened at this stage and no court order being applied or granted. If cannot, why (any ordinance or law preventing me (or empowering the liquidators to prevent me) from setting off or distraining the goods at this stage?)
Since I have received the letter from the liquidators a few months already, wonder if what the liquidators would do the next step as I have not given them any reply. Anything I can do now to protect myself?
Thanks for your great answers helping me to solve my problems!!