Insolvency Act · s 116

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

116.
Choice of liquidator at meetings of company’s creditors and contributories
(1) This section applies where a company is being wound up by the
Court and separate meetings of the company’s creditors and contributories are summoned for the purpose of choosing a person to be liquidator of the company.
(2) The creditors and the contributories at their respective meetings may nominate a person to be liquidator.
(3) The liquidator shall be the person nominated by the creditors or, where no person has been so nominated, the person (if any) nominated by the contributories.
(4) In the case of different persons being nominated, any creditor or contributory may, within 7 days after the date on which the nomination was made by the creditors, apply to the Court for an order —
(a) appointing the person nominated as liquidator by the contributories to be a liquidator instead of, or jointly with, the person nominated by the creditors; or
(b) appointing some other person to be liquidator instead of the person nominated by the creditors.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 116Choice of liquidator at meetings of company’s creditors and contributories

(1)

This section applies where a company is being wound up by the

Court and separate meetings of the company’s creditors and contributories are summoned for the purpose of choosing a person to be liquidator of the company.

(2)

The creditors and the contributories at their respective meetings may nominate a person to be liquidator.

(3)

The liquidator shall be the person nominated by the creditors or, where no person has been so nominated, the person (if any) nominated by the contributories.

(4)

In the case of different persons being nominated, any creditor or contributory may, within 7 days after the date on which the nomination was made by the creditors, apply to the Court for an order —

(a)

appointing the person nominated as liquidator by the contributories to be a liquidator instead of, or jointly with, the person nominated by the creditors; or

(b)

appointing some other person to be liquidator instead of the person nominated by the creditors.