Companies.
has distributed a 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 court shall, on his application, cause a report on his accounts to be prepared, and, on his complying 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.
(3) An order of the court releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or 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 concealment of any material fact.
(4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office.
[191
Committees of Inspection.
[CAP. 32
creditors
butories to
whether
committee shall be
of inspection
131. (1) When a winding-up order has been made by Meetings of the court, it shall be the business of the separate meetings and contri- of creditors and contributories summoned for the purpose determine of determining whether or not an application should be made to the court for appointing a liquidator in place of the Official Receiver, to determine further whether or not an application is to be made to the court for the appointment of a committee of inspection to act with the liquidator and who are to be members of the committee if appointed.
(2) The court may make any appointment and order required to give effect to any such determination, and if there
135
appointed.
19 & 20 Geo. 5, c. 23, s. 198.
Companies.
has distributed a 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 court shall, on his application, cause a report on his accounts to be prepared, and, on his complying with all the require- ments 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.
(3) An order of the court releasing the liquidator shall discharge him from all liability in respect of any act done or default made by him in the administration of the affairs of the company, or 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 concealment of any material fact.
(4) Where the liquidator has not previously resigned or been removed, his release shall operate as a removal of him from his office.
[191
Committees of Inspection.
[CAP. 32
creditors
butories to
whether
committee shall be
of inspection
131. (1) When a winding-up order has been made by Meetings of the court, it shall be the business of the separate meetings and contri- of creditors and contributories summoned for the purpose determine of determining whether or not an application should be made to the court for appointing a liquidator in place of the Official Receiver, to determine further whether or not an application is to be made to the court for the appointment of a committee of inspection to act with the liquidator and who are to be members of the committee if appointed.
(2) The court may make any appointment and order. required to give effect to any such determination, and if there
135
appointed.
19 & 20 Geo. 5,
c. 23, s. 198.
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