606

Limit of
remunera-
tion.
Dealing.
with ass
Connnittee
of Inspection
not to make
profit.

Costs of
obtaining

sanction of
Court.

Ch. 31. No. 1.] Compantes.

(2) If there is no Committee of Inspection the remuneration of the
Liquidator shall, unless the Court shall otherwise order, be fixed by the
scale of fees and percentages for the time being payable on realisations
and distributions by the Official Receiver as Liquidator.

(3) This rule shall only apply to a Liquidator appointed in a
winding up by the Court.

141. Except as provided by the Ordinance or the rules, a Liquidator
shall not under any circumstances, whatever, make any arrangement for,
or accept from any solicitor, auctioneer, or any other person connected
with the company of which he is Liquidator, or who is employed in or
in connection with the winding up of the company, any gift, remuneration,
or pecuniary or other consideration or benefit whatever beyond the
remuneration to which under the Ordinance and the rules he is entitled
as Liquidator, nor shall he make any arrangement for giving up, or give
up any part of such remuneration to any such solicitot, auctioneer, or
other person.

142. Neither the Liquidator, nor any member of the Committee of
Inspection of a company shall, while acting as Liquidator or member of
such committee, except by leave of the Court, either directly or indirectly,
by himself or any employer, partner, clerk, agent, or servant, become
purchaser of any part of the company’s assets. Any such purchase made
contrary to the provisions of this rule may be set aside by the Court on
the application of the Official Receiver in a winding up by the Court or
of any creditor or contributory in any winding up, and the Court may
make such order as to costs as the Court shall think fit.

143. Where the Liquidator carries on the business of the company, he
shall not, without the express sanction of the Court, purchase goods for
the carrying on of such business from any person whose connection with
him is of such a nature as would result in his obtaining any portion of
the profit (if any) arising out of the transaction.

144, No member of a Committee of Inspection shall, except under and
with the sanction of the Court, directly or indirectly, by himself, or any
employer, partner, clerk, agent, or servant, be entitled to derive any
profit from any transaction arising out of the winding up or to receive
out of the assets any payment for services rendered by him in connection
with the administration of the assets, or for any goods supplied by him
to the Liquidator for or on account of the company. In a winding up
by the Court if it appears to the Official Receiver or in a voluntary winding
up if it appears to the Committee of Inspection or to any meeting of
creditors or contributories that any profit or payment has been made
contrary to the provisions of this rule, they may disallow such payment
or recover such profit as the case may be, on the audit of the Liquidator’s
accounts or otherwise.

145. In any case in which the sanction of the Court is obtained under
the two last preceding rules, the cost of obtaining such sanction shall be
borne by the person in whose interest such sanction is obtained, and
shall not be payable out of the company’s assets.