In liquidating the affairs of a licensee the commissioner may:
(a) Collect all money due to, and claims of, the licensee and give receipt therefor.
(b) Approve and pay all just and equitable claims.
(c) Commence and prosecute all actions and proceedings necessary to enforce liquidation.
(d) Compound bad or doubtful debts or claims, borrow money, sell, convey, or transfer real or personal property, on order of the superior court of the county in this State in which the principal office of the licensee is located. The order shall be made after hearing and on such notice as the court prescribes.