Insolvency Act · 2022 Revised Edition · Chapter VI
114. Functions of Official Receiver in relation to office of liquidator
Official textFrom Attorney General's Chambers, unchanged
This section applies, subject to section 117, where an order for the winding up of a company has been made by the Court.
company
“company” means a company incorporated or registered under the Companies Act;
The Official Receiver, by virtue of his office, becomes the liquidator of the company and continues in office until another person becomes liquidator under the provisions of this Part.
The Official Receiver is, by virtue of his office, the liquidator during any vacancy.
At any time when he is the liquidator of the company, the
Official Receiver may summon separate meetings of the company’s creditors and contributories for the purpose of choosing a person to be liquidator of the company in place of the Official Receiver.
It is the duty of the Official Receiver —
as soon as practicable in the period of 12 weeks beginning with the day on which the winding up order was made, to decide whether to exercise his power under subsection (4) to summon meetings;
if in pursuance of paragraph (a) he decides not to exercise that power, to give notice of his decision, before the end of that
Insolvency period, to the Court and to the company’s creditors and contributories;
and
(whether or not he has decided to exercise that power) to exercise his power to summon meetings under subsection (4) if he is at any time requested, in accordance with the rules, to do so by one-quarter, in value, of the company’s creditors, and accordingly, where the duty imposed by paragraph (c) arises before the
Official Receiver has performed a duty imposed by paragraph (a) or (b), he is not required to perform the latter duty.
A notice given under subsection (5)(b) to the company’s creditors shall contain an explanation of the creditors’ power under subsection (5)(c) to require the Official Receiver to summon meetings of the company’s creditors and contributories.
Terms defined in s 3
company
Defined · s 3“company” means a company incorporated or registered under the Companies Act;
Court
Defined · s 3“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
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