If you are a Director or creditor of an insolvent company, Oliver Elliot can help you address your concerns arising from Compulsory Liquidator Powers And Duties.
The powers and duties of a compulsory liquidator are set out in Section 167 of the Insolvency Act 1986.
Section 167 Of The Insolvency Act 1986
(1) Where a company is being wound up by the court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.
(2) Where the liquidator (not being the official receiver), in exercise of the powers conferred on him by this Act—
(a) disposes of any property of the company to a person who is connected with the company (within the meaning of section 249 in Part VII) or
(b) employs a solicitor to assist him in the carrying out of his functions,he shall, if there is for the time being a liquidation committee, give notice to the committee of that exercise of his powers.
(3) The exercise by the liquidator in a winding up by the court of the powers conferred by this section is subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers.
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Disclaimer: Compulsory Liquidator Powers And Duties
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