6)Frank McLennan is one of two directors of Uptown Pty Ltd ("Uptown") & is seeking your urgent advice. He also holds a large parcel of shares in Uptown which he estimated is worth over $100,000.00.

He tells you that up until about 2 or 3 years ago, Uptown had been trading successfully as a men's clothing wholesaler and retailer. However, since then, the market for traditional coats, jackets, shirts, suits, and ties had declined dramatically and that the impact of shopping online was also significant. As a result, the company finances had rapidly deteriorated.

Over this period, Uptown had become more reliant on its bank, Which Bank Ltd ("Which Bank"), to provide financial support through firstly an unsecured overdraft of $50,000 and about 18 months ago, a Business Loan which is secured in the sum of a further $100,000 over all plant stock & equipment owned by Uptown.

During late 2019 as the company fell into arrears with its payments to Which Bank in relation to both loans, the directors of Uptown attempted to negotiate with for further funding.

However, in March 2020, Which Bank formally advised that this would not be possible and that it would be seeking to recover all outstanding amounts on both loans. He has been told as part of this process it is likely that his company will be wound up. It was not long after this conversation that Frank contacts you for urgent advice

c)Frank is puzzled as to why, after an order has been made to wind up the company, the liquidator has the immediate ability to act, in Frank's words, as if he or she owned the company.

Advise Frank firstly as to when a winding up order takes legal effect and secondly, identify three (3) powers available to a liquidator. Provide at least one (1) supporting statutory reference.