586

Appoint-
ment of

Liquidator

on report

of

meetings of

creditors and

centribu-
tories.
Form 20,

Forms 21

and 95 (7

Form 22.

Form 95

Security.

).

Ch. 31. No. 1.) Companies.

 

 

Appointment of Liquidator in a winding up by the Court.

43. (1) As soon as possible after the first meeting of creditors and
contributories have been held the Official Receiver, or the Chairman of
the mecting, as the case may be, shall report the result of each meeting
to the Court.

(2) Upon the result of the meetings of creditors and contributories
being reported to the Court, if there is a difference between the
determinations of the mectings of the creditors and contributores, the
Court shall, on the application of the Official Receiver, fix a time and
place for considering the resolutions and determinations (if any) of the
mectings, deciding differences, and making such order as shall be necessary.
In any other case the Court may upon the application of the Official
Receiver forthwith make any appointment necessary for giving effect to
any such resolutions or determinations.

(3) When a time and place have been fixed for the consideration of
the resolutions and determinations of the mectings, such time and
place shall be advertised by the Official Receiver in such manner as
the Court shall direct, but so that the first or only advertisement shall
be published not less than seven davs before the time so fixed.

(4) Upon the consideration of the resolutions and determinations of
the mectings the Court shall hear the Official Receiver and any creditor
or contributory.

(5) If a Liquidator is appointed, a copy of the order appointing him
shall be transmitted to the Registrar by the Official Receiver, and as soon
as the Liquidator has given security, he shall cause notice of his
appointment to be inserted in the Royal Gazette. The expense of gazetting
the notice of the appointment shall be paid by the Liquidator, but may
be charged by him on the assets of the company.

(6) Every appointment of a Liquidator or Committee of Inspection
shall be advertised by the Liquidator in such manner as the Court directs
immediately after the appointment has been made, and the Liquidator has
given the required security.

(7) If a Liquidator in a winding up by the Court shall die, or resign,
or be removed, another Liquidator may be appointed in his place in the
same manner as in the case of a first appointment, and the Official Receiver
shall, on the request of not less than one-tenth in value of the creditors
or contnbutories summon meetings for the purpose of determining
whether or not the vacancy shall be filled; but none of the provisions
of this rule shall apply where the Liquidator is released under section 188
of the Ordinance in which case the Official Receiver shall remain
Liquidator.

Security by Liquidator or special manager in a winding up by the Court.

44, In the case of a special manager or a Liquidator other than the
Official Receiver, the following provisions as'to security shall have effect,
namely :—

(1) The security shall be given in such manner as the Court may
direct.