300
for "Board of Trade"
Control of Official Receiver
"in England" omitted, over
for Board"
do
do
" in England" omitted.
for "Board"
do.
"in England"
omitted.
for "Board of Trade"
do.
do.
"in England"
omitted.
liquidators. 19 & 20 Geo
5,23, s. 196.
Release of liquidators.
19 & 20 Geo. 5. c. 23, 9. 197.
Meetings of creditors and contri- butories to determine whether
Pommittee
appointed.
82
190.-(1) The official receiver shall take cogniz ance of the conduct of liquidators of companies which are being wound up by the court, and, if a liquidator does not faithfully perform his duties and duly observe all the requirements imposed on him by statute, rules, or otherwise with rospect to the performance of his duties, or if any complaint is nude to the ulicial receiver by any creditor or contributory in regard thereto, the official receiver shall inquire into the matter, and take such action thereon as he may think expedient.
(2) The atlicial receiver may at any time require any liquidator of a company which is being wound up by the court, to answer any inquiry in relation to any winding up in which he is engaged, and may, if he think fit, apply to the court to examing hin or any other person on oath concerning the winding
up.
(3) The_official reetiver may also direct a local investigation to be made of the books and vouchers of the liquidator.
a
191 (1) When the liquidator of a company which is being wound up by the court has realised all the property of the company, or so much thereof as enn. in his opinion, be realised without needlessly protracting the liquidation, and has distributed final dividend, if any, to the creditors, and adjusted the rights of the contributories among themselves, and made a final return, if any, to the contributories, or has resigned, or has been removed from his office, the gourt shall, on his application, cause a report on his accounts to be prepared, and, on his comply- ing with all the requirements of the court, shall take into consideration the report, and any objection which may be urged by any creditor or contributory, or person interested against the release of the liquidator, and shall either grant or withhold the release accordingly.
(2) Where the release of a liquidator is withheld. the court may, on the application of any creditor or contributory, or person interested, make such order as it thinks just, charging the liquidator with the consequences of any act or default which he may have done or made contrary to his duty.
or
(8) An order of the court releasing the liquidator shall discharge him from all liability in respect of any art done or default made by him in the administration of the affairs of the company, otherwise in relation to his conduct as liquidator, but any such order may be revoked on proof that it was obtained by fraud or by suppression or conceal. ment of any material fact.
(4) Where the liquidator has not previously resign- ed or been removed, his release shall operate as a removal of him from his office.
Committees of Inspection.
192.--(1) When a winding up order has been made by the court it shall be the business of the separate meetings of creditors and contributories summoned for the purpose of determining whether or not an application should be made to the court for appoint- ing a liquidator in place of the official receiver. to
of inspection determine further whether or not an application is
lil be
to be made to the court for the appointment of " committee of inspection to act with the liquidator and who are to be members of the committee if appointed.
10 & 20 Geo. 5. 1. 23,
s. 198.
(2) The court may make any appointment and order required to give effect to any such determination, and if there is a difference between the determina- tions of the meetings of the creditors and
con-
·
83
tributories in respect of the matters aforesaid the court shall decide the difference and make such order thereon as the court may think fit.
193.--(1) A committee of inspection appointed in Constitution pursuance of this Ordinauge shall consist of creditors and pro- and contributories of the company or persons holding readings of general powers of attorney from creditors or con- committee tributories in such proportions as may be agreed on tion.
of inspec- by the meetings of creditors and contributories, or 19 & 20 Goo. as, in case of difference, may be determined by the 5, c. 23,
court:
(2) The committee shall meet at such times as they from time to time appoint, and, failing such appointment, at least once a month, and the liquida- for or any member of the committee may also call a meeting of the committee as and when he thinks necessary.
(8) The committee may act by a majority of their members present at a meeting, but shall not act unless a majority of the committee are present.
(4) A member of the committee may resign by notice in writing signed by him and delivered to the liquidator.
(5) If a member of the committee beconies bauk- rupt. or compounds or arranges with his creditors, or is absent from five consecutive meetings of the committee without the leave of those members who together with himself represent the creditors or contributories, as the case may be, his office shall thereupon become vacant.
(6) A member of the committee may be removed by an ordinary resolution at a meeting of creditors, if he represents ereditors, or of contributories, if he represents contributories. of which seven days' notice has been given, stating the object of the meeting.
summon
(7) On a vacancy occurring in the committee the
forthwith liquidator shal!
a meeting of creditors or of contributories, &s the case may require, to fill the vacancy, and the meeting may, by resolution, re-appoint the same or appoint another creditor or contributory to fill the vacancy.
(8) The continuing members of the committee, if not less than two. may act notwithstanding any vacancy in the committee.
s. 199.
Fowers of
for "Act"
301
Proviso relating to
Scotland omitted.
194. Where in the case of a winding up there is no committee of inspection, the court may, on the court application of the liquidator, do any act or thing or where no give any direction or permission which is by this committee of Ordinace authorised or required to be done or given inspection.
19 & 20 Geo. by the committee,
5, c. 23,
General Powers of Court in case of Winding-up by Court.
$. 200.
195. (1) The court may at any time after an
Power to order for winding up, on the application either of
stay wind- the liquidator, or the official receiver, or any creditor ing up. or contributory, and on proof to the satisfaction of 19 & 20 Geo. the court that all proceedings in relation to the 5, c. 23, winding up ought to be stayed, make an order staying the proceedings, either altogether or for a limited time on such terms and conditions as the court thinks fit.
(2) On any application under this section the court ny, before making an order, require the official receiver to furnish to the court a report with respect to any facts or matters which are in his opinion relevant to the application,
$. 202.
"in England" omitted.
for "Board of Frade"
for "Act"
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