The obsequious[1] fellow who comes in when all your employees are wandering around the plaza outside the office clutching Iron Mountain box full of gonks, tombstones, photos of pets, and out-of-date copies of that FT book about derivatives.
His, or her, job is to sort out all your contracts, close out the derivatives (cherry-picking your valuable in-the-money trades where possible of course!), liquidate all your assets and distribute the proceeds the line of creditors presently queuing around the block.
It sounds easy but there is a lot of devil in the detail.
