In force2020 Revised Edition

Contents

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

177. Powers and duties of liquidator

(1)

The liquidator may —

(a)

in the case of a members’ voluntary winding up, with the approval of a special resolution of the company and, in the case of a creditors’ voluntary winding up, with the approval of the Court or the committee of inspection, exercise any of the powers given by section 144(1)(b), (c), (d), (e), (f) and (g) to a liquidator in a winding up by the Court;

(b)

exercise any of the other powers by this Act given to the liquidator in a winding up by the Court;

(c)

exercise the power of the Court under this Act of settling a list of contributories, and the list of contributories is prima facie evidence of the liability of the persons named in the list to be contributories;

(d)

exercise the power of the Court of making calls; or

(e)

summon general meetings of the company for the purpose of obtaining the sanction of the company by special resolution in respect of any matter or for any other purpose the liquidator thinks fit.

(2)

The liquidator must pay the debts of the company and adjust the rights of the contributories among themselves.

(3)

When several liquidators are appointed, any power given by this Act may be exercised by such one or more of them as is determined at the time of their appointment, or in default of such determination by any number not less than 2.