Singapore legislation
Clause 382
Clause 382
Powers of ancillary liquidator
(1)
On the making of an ancillary winding-up order the Official Receiver shall be constituted an ancillary liquidator and shall be described as the ancillary liquidator of the particular company in respect of which he is appointed and not by his individual name. Subject to any order of the Court and to general rules an ancillary liquidator shall have and may exercise the powers of an Official Receiver in a winding-up by the Court to do all or any of the following acts or things in Singapore: —
to take possession of or receive the rents and profits of the immovable property of the company;
to get in and realize the movable property of the company and to collect debts due or accruing due to the company;
to carry on the business of the company so far as may be necessary for the beneficial winding-up thereof;
to bring, conduct, defend, compromise or abandon any legal proceedings in the name and on behalf of the company;
to employ and remunerate solicitors and other agents;
to pay preferential claims and other claims having priority over the claims of ordinary creditors;
to pay, settle and adjust the claims of secured creditors;
to receive, attest, investigate and admit for the purpose of voting, but not to rank for dividend, proofs by persons claiming to be creditors;
to summon and conduct meetings of creditors and contributories;
to take proceedings against contributories and other persons whose presence is necessary for the purposes of the proceedings.
(2)
An ancillary liquidator shall retain and pay or account for in accordance with general rules and such regulations as may be prescribed such costs, charges and expenses as would be charged or incurred in respect of similar proceedings in a winding-up by the Court and shall remit the balance of the proceeds of the liquidation to the principal liquidator together with an account drawn up and verified in the prescribed manner.
(3)
When an ancillary liquidator has obtained his discharge he shall lodge the original with the Registrar of the Court and forward a counterpart to the Registrar.