In force2020 Revised Edition

Contents

Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up

138. Provisional liquidator

(1)

The Court may appoint the Official Receiver or a licensed insolvency practitioner provisionally as a liquidator at any time after the making of a winding up application and before the making of a winding up order, and the provisional liquidator has and may exercise all the functions and powers of a liquidator, subject to such limitations and restrictions as may be prescribed by regulations or as the Court may specify in the order.

(2)

An order appointing a provisional liquidator under subsection (1) must —

(a)

be in the prescribed form;

(b)

state the nature and give a short description of the property of which the provisional liquidator is ordered to take possession; and

(c)

state the duties to be performed by the provisional liquidator.

(3)

Before the hearing of the application for the appointment of a provisional liquidator, the applicant or the applicant’s solicitor must obtain and file the consent in writing of the Official Receiver or licensed insolvency practitioner (as the case may be) to act as provisional liquidator.