CO129-537-11 Companies Ordinance 1932 2-12-1932 - 26-5-1934 — Page 241

"in England"

omitted

for

"Bound of Frade"

See No. 58 of 1911.

5. Ihr (4)

for "Act"

for "Act"

Provivions where

person other than

fficial

receiver is appointed

liquidator.

19 & 20 Geo. 5, c. 23,

s. 186,

General

provisions

as to

liquidators.

19 & 20 Geo.

5. c. 23.

. 188.

for seventy eight of this Act"

Custody of company's

property. 19 & 20 Geo 5, c. 23, *. 189.

78

the company for the purpose of determining whether or not an application is to be made to the court for appointing a liquidutor in the place of the official receiver:

(3) The court may make any appointment and order required to give effect to any such deter- mination, and, if there is a difference be- tween the determinations of the meetings of the creditors and contributories in respect of the matter aforesaid, the court shall decide the difference and make such order thereon as the court may think fit:

4) In any case where a liquidator is not appointed by the court, the official receiver shall be the liquidator of the company!

(5) The official receiver shall by virtue of his

office be the liquidator during any vacancy: (6) A liquidator shall be described, where a person other than the official receiver 18 liquidator, by the style of "the liquidator," and, where the official receiver is liquidator, by the style of "the official receiver and liquidator," "of the particular company in respect of which be is appointed. and not by his individual

narė.

181. Where in the winding up of a company by the court, a person other than the official receiver is appointed liquidator, that person-

(1) shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security in the prescribed manner to the satisfaction of the official receiver;

(2) shall give the official receiver such information and such access to and facilities for inspecting the books and documents of the company, and generally such aid as may be requisite for enabling that officer to perform his duties under this Ordinance.

182. (1) A liquidator appointed by the court may resign or, on cause shown, be removed by the court.

(2) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remuneration by way of percentage or otherwise as the court may direct, and, if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs.

(3) A vacancy in the office of a liquidator appointed by the court shall be filled by the court,

(4) If more than one liquidator is appointed by the court, the court shall declare whether any act by this Ordinance required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed.

(5) Subject to the provisions of section two hundred and sixty-four of this Ordinance, the acts of a liquidator shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.

183. Where a winding-up order has been made or where a provisional liquidator has been appointed, the liquidator, or the provisional liquidator, as the case may be. shell take into his custody, or under his control, all the property and things in action to which the company is or appears to be entitled.

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184. Where a company is being wound up by the Vesting of court, the court may on the application of the property of liquidator by order direct that all or any part of the company in property of whatsoever description belonging to the 19 & 20 Geo.

liquidator. company or held by trustees on its behalf slali vest 5, c. 23, in the liquidator by his official name, and thereupon 3. 190. 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.

the court or of the committee of inspection.—

185.-(1) The liquidator in a winding up by the Powers of court shall have power with the sanction either of liquidator.

19 & 20 Gea. 5, c. 23,

(a) to bring or defend any action or other legal. 191.

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:

(e) to appoint a solicitor or law agent to assist

him in the performance of his duties:

(d) to pay any classes of creditors in full: (e) to make any compromise or arrangement with creditors or persons claiming to be 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

(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 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 parçels: (b) to do all acts and to execute, in the name 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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