Subscribe:

Ads 468x60px

Powers of the Court in case of Voluntary Winding Up

Powers of the Court in case of Voluntary Winding Up

1. It may appoint the Official Liquidator or any other person as liquidator where the appointed liquidator is not acting.

2. It may remove the liquidator and appoint the Official Liquidator or any other person as liquidator on justifiable cause being shown.

3. It may determine the remuneration of the liquidator when the Official Liquidator is appointed as a liquidator

4. It may amend, vary, confirm or set aside the arrangement entered into between a company and its creditors on an appeal made by any creditor or contributory within 3 weeks of the completion of the arrangement

5. On an application of the Liquidator or contributory or creditor, it may determine any question arising in the winding up of a company and it may exercise, as respects the enforcing of calls, the staying of suits or other legal proceedings or any other matter, all or any of the powers which the Court might exercise if the company were being wound up by the Court.

6. It may set aside any attachment, distress or execution started against the assets of the company after the commencement of the winding up on such terms as it thinks fit on an application made by the liquidator, creditor or contributory if the Court thinks fit.

7. It may order a public examination of any person connected with the promotion or formation of the company or any officer connected with the company.
Related Posts Plugin for WordPress, Blogger...