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(ii) As a consequential amendment, insert in
Reason
subsection (7), line 2, immediately after
"appointment":
"and subject to subsection (6)(b)".
It is considered that the present powers of a provisional
liquidator appointed under Section 228A, which are the
same as those of a liquidator in a creditors' winding
up, are too wide. It is thought that, to deal with the
possibility of the provisional liquidator being to some
extent subject to the influence of the directors who
appointed him, he should not have power of sale
except of perishable property or as may be necessary
in the ordinary course of carrying on business.
also thought that the restriction of the powers of
sale as proposed would be a good discipline in
moving the company along to a normal creditors'
voluntary liquidation.
(6) Subsection 228A(6)(c)
Amend as follows:
(i) Delete "adequate remuneration and" in
lines 1 and 2;
(ii) In line 3, immediately after "him" insert
"and remuneration to be fixed in accordance
with the provisions of Section 244(1) or by
the court".
It is
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