Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 8 · Winding Up
139. General provisions as to liquidators
Feedback & supportA liquidator appointed by the Court may resign or on cause shown be removed by the Court.
liquidator
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
A provisional liquidator, other than the Official Receiver, is entitled to receive such salary or remuneration by way of percentage or otherwise as is determined by the Court.
Official Receiver
“Official Receiver” means the Official Receiver appointed under section 17(1) and includes a Deputy Official Receiver, a Senior Assistant Official Receiver and an Assistant Official Receiver;
A liquidator, other than the Official Receiver, is entitled to receive such salary or remuneration by way of percentage or otherwise as is determined —
by agreement between the liquidator and the committee of inspection, if any;
failing such agreement, or where there is no committee of inspection, by a resolution passed, at a meeting of creditors convened in accordance with subsection (4), by a majority of not less than 75% in value and 50% in number of the creditors present and voting (in person or by proxy) at the meeting and whose debts have been admitted for the purpose of voting; or
failing a determination in a manner mentioned in paragraph (a) or (b), by the Court.
A meeting mentioned in subsection (3)(b) must be convened by the liquidator by a notice to each creditor, to which notice must be attached a statement of all receipts and expenditure by the liquidator and the amount of remuneration sought by the liquidator.
creditor
“creditor”, in relation to a debtor proposing a voluntary arrangement under Part 14, means a creditor to whom the debtor owes a debt provable in bankruptcy;
Where the salary or remuneration of a liquidator is determined in the manner specified in subsection (3)(a), the Court may, on the application of a member or members whose shareholding or shareholdings represents or represent in the aggregate not less than 10% of the issued capital of the company (excluding treasury shares), confirm or vary the determination.
Where the salary or remuneration of a liquidator is determined in the manner specified in subsection (3)(b), the Court may, on the application of the liquidator or a member or members mentioned in subsection (5), confirm or vary the determination.
member
“member”, in relation to a company, means a member of a company mentioned in section 19(6) or (6A) of the Companies Act 1967;
Subject to any order of the Court, the Official Receiver when acting as a liquidator or provisional liquidator of a company is entitled to receive such salary or remuneration by way of percentage or otherwise as is prescribed.
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
If more than one liquidator is appointed by the Court, the Court must declare whether anything by this Act required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed.
Subject to this Act, the acts of a liquidator are valid despite any defects that may be discovered in the liquidator’s appointment or qualification after those acts.
In subsection (5), the reference to “treasury shares” includes a reference to shares held by a subsidiary under section 21(4B) or (6C) of the Companies Act 1967.
subsidiary
“subsidiary” has the meaning given by section 5 of the Companies Act 1967;