Insolvency Act · 2022 Revised Edition · Chapter VII
140. Supplementary powers
Official textFrom Attorney General's Chambers, unchanged
This section applies in the case of a company which is being wound up by the Court.
company
“company” means a company incorporated or registered under the Companies Act;
The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes; and it is his duty to summon meetings at such times as the creditors or contributories by
Insolvency resolution (either at the meeting appointing the liquidator or otherwise) may direct, or whenever requested in writing to do so by one-tenth, in value, of the creditors or contributories, as the case may be.
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
The liquidator may apply to the Court (in the prescribed manner)
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
for directions in relation to any particular matter arising in the winding up.
Subject to the provisions of this Act, the liquidator shall use his own discretion in the management of the assets and their distribution among the creditors.
If any person is aggrieved by an act or decision of the liquidator, that person may apply to the Court; and the Court may confirm, reverse or modify the act or decision complained of, and make such order as the Court thinks just.
Enforcement of liquidator’s duty to make returns etc.
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;
Chapter VIII
Chapter IX
Chapter X
Part