Insolvency Act · s 144

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144.
Release in voluntary winding up
(1) This section applies with respect to the release of the liquidator of a company which is being wound up voluntarily.
(2) A person who has ceased to be a liquidator shall have his release with effect from the following time —
(a) in the case of a person who has been removed from office by a general meeting of the company or by a general meeting of the company’s creditors that has not resolved against his release or who has died, the time at which notice is given to the Registrar in accordance with the rules that that person has ceased to hold office;
(b) in the case of a person who has been removed from office by a general meeting of the company’s creditors that has resolved against his release, or by the Court, or who has vacated office under section 142(4), such time as the Minister may, on the application of that person, determine;
(c) in the case of a person who has resigned, such time as may be prescribed;
(d) in the case of a person who has vacated office under section 142(6)(a), the time at which he vacated office;
(e) in the case of a person who has vacated office under section 142(6)(b) —
(i) if the final meeting of the creditors referred to in that section has resolved against that person’s release, such time as the Minister may, on an application by that person, determine; and

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(ii) if that meeting has not resolved against that person’s release, the time at which he vacated office.
(3) Where a liquidator has his release under subsection (2), he is, with effect from the time specified in that subsection, discharged from all liability both in respect of his acts or omissions in the winding up and otherwise in relation to his conduct as liquidator.
(4) Nothing in this section prevents the exercise, in relation to a person who has had his release under subsection (2), of the powers of the
Court under section 184(3).

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s 144Release in voluntary winding up

(1)

This section applies with respect to the release of the liquidator of a company which is being wound up voluntarily.

(2)

A person who has ceased to be a liquidator shall have his release with effect from the following time —

(a)

in the case of a person who has been removed from office by a general meeting of the company or by a general meeting of the company’s creditors that has not resolved against his release or who has died, the time at which notice is given to the Registrar in accordance with the rules that that person has ceased to hold office;

(b)

in the case of a person who has been removed from office by a general meeting of the company’s creditors that has resolved against his release, or by the Court, or who has vacated office under section 142(4), such time as the Minister may, on the application of that person, determine;

(c)

in the case of a person who has resigned, such time as may be prescribed;

(d)

in the case of a person who has vacated office under section 142(6)(a), the time at which he vacated office;

(e)

in the case of a person who has vacated office under section 142(6)(b) —

(i)

if the final meeting of the creditors referred to in that section has resolved against that person’s release, such time as the Minister may, on an application by that person, determine; and

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(ii)

if that meeting has not resolved against that person’s release, the time at which he vacated office.

(3)

Where a liquidator has his release under subsection (2), he is, with effect from the time specified in that subsection, discharged from all liability both in respect of his acts or omissions in the winding up and otherwise in relation to his conduct as liquidator.

(4)

Nothing in this section prevents the exercise, in relation to a person who has had his release under subsection (2), of the powers of the

Court under section 184(3).