In force2020 Revised Edition

Contents

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

171. Powers of provisional liquidator prior to creditors’ meeting

(1)

The powers conferred on a provisional liquidator by section 161 must not be exercised during the period before the holding of the meeting of the creditors under section 166, except with the sanction of the Court.

(2)

Subsection (1) does not apply in relation to the power of the provisional liquidator —

(a)

to take into his or her custody or under his or her control all the property to which the company is or appears to be entitled;

(b)

to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of; and

(c)

to do all such other things as may be necessary for the protection of the company’s assets.

(3)

The provisional liquidator must attend the meeting of the creditors held under section 166 and must report to the meeting on any exercise by the provisional liquidator of his or her powers.

(4)

Any provisional liquidator who, without reasonable excuse, fails to comply with the requirements of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.