A receiver is usually appointed by a bank or other creditor holding a General Security Agreement ("GSA") covering all the company's assets.  Although a receiver has a duty to preserve the rights of other creditors, his or her powers are limited.  Once the GSA holder is repaid, the receiver ceases to act.  If there are further assets to be realised or matters requiring investigation, a liquidator will also be appointed.

A liquidator's powers are much wider than those of a receiver.  Liquidators have investigatory powers, and powers to set aside voidable transactions and bring actions for offences under the Companies Act.