Insolvency Act · s 139

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)

139.
Winding up by Court
(1) Where a company is being wound up by the Court, the liquidator may —
(a) with the sanction of the Court or liquidation committee, exercise any of the powers specified in Parts 1 and 2 of Schedule 3;
and
(b) with or without that sanction, exercise any of the general powers specified in Part 3 of Schedule 3.
(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; 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.

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 139Winding up by Court

(1)

Where a company is being wound up by the Court, the liquidator may —

(a)

with the sanction of the Court or liquidation committee, exercise any of the powers specified in Parts 1 and 2 of Schedule 3;

and

(b)

with or without that sanction, exercise any of the general powers specified in Part 3 of Schedule 3.

(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; 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.