CAP. 32]
Power to
order winding
up subject to
supervision.
19 & 20 Geo. 5,
c. 23, s. 256.
Effect of
petition for winding up subject to
Companies.
(iv) WINDING UP SUBJECT TO SUPERVISION OF COURT.
243. When a company has passed a resolution for voluntary winding up, the court may make an order that the voluntary winding up shall continue but subject to such supervision of the court, and with such liberty for creditors, contributories, or others to apply to the court, and generally on such terms and conditions, as the court thinks just. [244]
244. A petition for the continuance of a voluntary winding up subject to the supervision of the court shall, for the purpose of giving jurisdiction to the court over actions, be deemed to be a petition for winding up by the court.
19 & 20 Geo. 5,
Application of ss. 167 and 168 to winding up subject to supervision. ibid. s. 258.
Power of court to appoint or
remove
liquidators. 19 & 20 Geo. 5, c. 23, s. 259.
Effect of supervision order.
19 & 20 Geo. 5, c. 23, s. 260.
court.
[245]
245. A winding up subject to the supervision of the court shall, for the purposes of sections 167 and 168, be deemed to be a winding up by the court.
[246]
246. (1) Where an order is made for a winding up subject to supervision, the court may by that or any subsequent order appoint an additional liquidator.
(2) A liquidator appointed by the court under this section shall have the same powers, be subject to the same obligations, and in all respects stand in the same position, as if he had been duly appointed in accordance with the provisions of this Ordinance with respect to the appointment of liquidators in a voluntary winding up.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the supervision order and fill any vacancy occasioned by the removal, or by death or resignation.
[247]
247. (1) Where an order is made for a winding up subject to supervision, the liquidator may, subject to any restrictions imposed by the court, exercise all his powers, without the sanction or intervention of the court, in the same manner as if the company were being wound up altogether voluntarily: Provided that the powers specified in paragraphs (d), (e) and (f) of subsection (1) of section 184 shall not be exercised by the liquidator except with the sanction of the court or, in a case where before the
156-
CAP. 32]
Power to
order winding
up subject to
supervision.
19 & 20 Geo. 5,
c. 23, s. 256.
Effect of
petition for winding up subject to
Companies.
(iv) WINDING UP SUBJECT TO SUPERVISION OF COURT.
243. When a company has passed a resolution for voluntary winding up, the court may make an order that the voluntary winding up shall continue but subject to such supervision of the court, and with such liberty for creditors, contributories, or others to apply to the court, and generally on such terms and conditions, as the court thinks just. [244
244. A petition for the continuance of a voluntary winding up subject to the supervision of the court shall, for the purpose of giving jurisdiction to the court over c. 23, s. 257. actions, be deemed to be a petition for winding up by the
supervision.
19 & 20 Geo. 5,
Application of ss. 167 and 168 to winding up subject to supervision. ibid. s. 258.
Power of court to appoint or
remove
liquidators. 19 & 20 Geo. 5, c. 23, s. 259.
Effect of supervision order.
19 & 20 Geo, 5, c. 23, s. 260.
court.
[245
245. A winding up subject to the supervision of the court shall, for the purposes of sections 167 and 168, be deemed to be a winding up by the court.
[246
246. (1) Where an order is made for a winding up subject to supervision, the court may by that or any sub- sequent order appoint an additional liquidator.
(2) A liquidator appointed by the court under this section shall have the same powers, be subject to the same obligations, and in all respects stand in the same position, as if he had been duly appointed in accordance with the provisions of this Ordinance with respect to the appoint- ment of liquidators in a voluntary winding up.
(3) The court may remove any liquidator so appointed by the court or any liquidator continued under the super- vision order and fill any vacancy occasioned by the removal, or by death or resignation.
[247
247. (1) Where an order is made for a winding up subject to supervision, the liquidator may, subject to any restrictions imposed by the court, exercise all his powers, without the sanction or intervention of the court, in the same manner as if the company were being wound up altogether voluntarily: Provided that the powers specified in paragraphs (d), (e) and (f) of subsection (1) of section 184 shall not be exercised by the liquidator except with the sanction of the court or, in a case where before the
156-
No comments yet.
Private notes are available after approval.