Section 176

The acts of a liquidator are valid despite any defects that may afterwards be discovered in the liquidator’s appointment or qualification.

Any conveyance, assignment, transfer, mortgage, charge or other disposition of a company’s property made by a liquidator is, despite any defect or irregularity affecting the validity of the winding up or the appointment of the liquidator, valid in favour of any person taking such property bona fide and for value and without notice of such defect or irregularity.

Every person making or permitting any disposition of property to any liquidator is protected and indemnified in so doing, despite any defect or irregularity affecting the validity of the winding up or the appointment of the liquidator not then known to that person.

For the purposes of this section, a disposition of property is to be taken as including a payment of money.