In force2020 Revised Edition

Contents

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

188. Books to be kept by liquidator, control of Court over liquidators, and delivery of property to liquidator

(1)

Every liquidator must keep proper books in which the liquidator must cause to be made entries or minutes of proceedings at meetings and of such other matters as are prescribed, and any creditor or contributory may, subject to the control of the Court, personally or by his or her agent inspect the books.

(2)

The Court must take cognizance of the conduct of liquidators, and if a liquidator does not faithfully perform the liquidator’s duties and observe the prescribed requirements or the requirements of the Court, or if any complaint is made to the Court by any creditor or contributory or by the Official Receiver in regard to the performance of the liquidator’s duties, the Court must inquire into the matter and take such action as the Court thinks fit.

(3)

The Registrar of Companies or the Official Receiver may report to the Court any matter which in his or her opinion is a misfeasance, neglect or omission on the part of the liquidator, and the Court may order the liquidator to make good any loss which the estate of the company has sustained by the misfeasance, neglect or omission and make such other order as the Court thinks fit.

(4)

The Court may —

(a)

at any time require any liquidator to answer any inquiry in relation to the winding up;

(b)

examine the liquidator or any other person on oath concerning the winding up; and

(c)

direct an investigation to be made of the books and vouchers of the liquidator.

(5)

The Court may require any contributory, trustee, receiver, banker, agent or officer of the company to pay, deliver, convey, surrender or transfer to the liquidator or provisional liquidator, immediately or within such time as the Court directs, any money, property, books and papers in the hands of the contributory, trustee, receiver, banker, agent or officer to which the company is prima facie entitled.

Terms defined in this Act

books
Defined · s 61
“books” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 61
company
Defined · s 2
“company” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
contributory
Defined · s 2
“contributory” has the meaning given by section 4(1) of the Companies Act 1967;
Open s 2
Court
Defined · s 2
“Court” means the General Division of the High Court;
Open s 2
creditor
Defined · s 273
“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;
Open s 273
liquidator
Defined · s 2
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
Open s 2
officer
Defined · s 61
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;
Open s 61
Official Receiver
Defined · s 2
“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;
Open s 2
property
Defined · s 2
“property” includes —(a)money, goods, things in action, land and every description of property, wherever situated; and(b)obligations and every description of interest, whether present or future or vested or contingent, arising out of or incidental to property;
Open s 2
Registrar of Companies
Defined · s 2
“Registrar of Companies” means the Registrar of Companies appointed under section 8 of the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies;
Open s 2
trustee
Defined · s 2
“trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate and includes the Official Assignee when acting as trustee of the bankrupt’s estate;
Open s 2