118
Vesting of property of
company in 19 & 20 Geo.
liquidator.
5, c. 23, 8. 190.
Powers of liquidator, 19 & 20 Geo,
5, c. 23,
a. 191.
78
184. Where a company is being wound up by the court, the court may On the application of the liquidator by order direct that all or any part of the property of whatsoever description belonging to the company or held by trustees on its behalf shall vest in the liquidator by his official name, and thereupon the property to which the order relates shall vest accordingly, and the liquidator may, after giving such indemnity, if any, as the court may direct, bring or defend in his official name any action or other legal proceeding which relates to that property or which it is necessary to bring or defend for the purpose of effectually winding up the company and recovering its property.
185. (1) The liquidator in a winding up by the court shall have power with the sanction either of the court or of the committee of inspection-
(a) to bring or defend any action or other legal proceeding in the name and on behalf of the company:
(b) to carry on the business of the company, so far as may be necessary for the beneficial winding-up thereof:
(c) to appoint a solicitor or law agent to assist
him in the performance of his duties:
be
(d) to pay any classes of creditors in full: (e) to make any compromise or arrangement with creditors or persons claiming to creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or sounding only in damages against the company, or whereby the company may be rendered liable:
to
to compromise all calls and liabilities calls, debts, and liabilities capable of result- ing in debts, and all claims, present or future, certain or contingent, ascertained or sound- ing only in damages, subsisting or supposed to subsist between the company and a contributory, or alleged contributory, or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.
(2) The liquidator in a winding up by the court shall have power-
(a) to sell the real and personal property and things in action of the company by public auction or private contract, with power to transfer the whole thereof to any person or company, or to sell the same in parcels:
(b) to do all acts and to execute, in the naine and on behalf of the company, all deeds, receipts, and other documents, and for that purpose to use, when necessary, the com- pany's seal:
(c) to prove, rank, and claim in the bankruptcy, insolvency, or sequestration of any contribu- tory, for any balance against his estate, and to receive dividends in the bankruptcy, insolvency, or sequestration in respect of that balance, as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors:
(d) to draw, accept, make, and indorse any bill
of exchange or promissory note in the name and on behalf of the company,
with the
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same effect with respect to the liability of the company as if the bill or note had been drawn, accepted, made. or indorsed by or on behalf of the company in the course of its business:
(e) to raise on the security of the assets of the
company any money requisite:
to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot be conveniently done in the name of the company, and in all such cases the money due shall, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, be deemed to be due to the liquidator himself:
(9) to appoint an agent to do any business which
the liquidator is unable to do himself: (h) to do all such other things as may be neces- sary for winding up the affairs of the com- pany and distributing its assets.
(8) The exercise by the liquidator in a winding up
by the court of the powers conferred by this section shall be subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers
powers.
186.-(1) Subject to the provisions of this Ordin- Exercise ance, the liquidator of a company which is being and control wound up by the court shall, in the administration of liquid- of the assets of the company and in the distribution ator's thereof among its creditors, have regard to any 19 & 20 Geo, directions that may be given by resolution of the 5, c. 23, creditors or contributories at any general meeting, s. 192. or by the committee of inspection, and any direc- tions given by the creditors or contributories at any general meeting shall in case of conflict be deemed to override any directions given by the committee of inspection.
(2) The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes, and it shall be his duty to summon meetings at such times as the creditors cr contributories, by resolution, either at the meeting appointing the liquidator or otherwise, may direct, or whenever requested in writing to do so by one- tenth in value of the creditors or contributories as the case may be.
(8) The liquidator may apply to the court in manner prescribed for directions in relation to any particular matter arising under the winding up.
(4) Subject to the provisions of this Ordinance, the liquidator shall use his own discretion in the manage- ment of the estate and its distribution among the creditors.
(5) If any person is aggrieved by any act or deci- sion of the liquidator, that person may apply to the court, and the court may confirm, reverse, or modify the act or decision complained of, and make such order in the premises as it thinks just.
187. Every liquidator of a company which is being Books to be wound up by the court shall keep, in manner kept by prescribed, proper books in which he shall cause to liquidator. be made entries or minutes of proceedings at meet-19 & 20 Geo. ings, and of such other matters as may be prescribed, 193.
5, c. 23, and any creditor or contributory may, subject to the control of the court, personally or by his agent inspect any such books.
8.
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