118. Liquidation committee

Where a winding up order has been made by the Court and separate meetings of the company’s creditors and contributories have been summoned for the purpose of choosing a person to be liquidator, those meetings may establish a liquidation committee to exercise the functions conferred on it by or under this Act.

The liquidator (not being the Official Receiver) may at any time, if he thinks fit, summon separate general meetings of the company’s creditors and contributories for the purpose of determining whether such a committee should be established and, if it is so determined, of establishing it.

The liquidator (not being the Official Receiver) shall summon such general meeting if he is requested, in accordance with the rules, to do so by one-tenth, in value, of the company’s creditors.

Where meetings are summoned under this section, or for the purpose of choosing a person to be liquidator, and the meeting of the company’s creditors or the meeting of the company’s contributories decides that a liquidation committee should be established, but the other meeting does not so decide or decides that a committee should not be established, the committee shall be established in accordance with the rules, unless the Court otherwise orders.

The liquidation committee is not to be able or required to carry out its functions at any time when the Official Receiver is liquidator; but at any such time its functions are vested in the Minister except to the extent that the rules otherwise provide.

Where there is for the time being no liquidation committee, and the liquidator is a person other than the Official Receiver, the functions of