Insolvency Act · 2022 Revised Edition · Chapter VII
142. Removal etc. in voluntary winding up
Official textFrom Attorney General's Chambers, unchanged
This section applies with respect to the removal from office and vacation of office of the liquidator of a company which is being wound up voluntarily.
company
“company” means a company incorporated or registered under the Companies Act;
Subject to subsection (3), the liquidator may be removed from office only by an order of the Court or —
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
in the case of a members’ voluntary winding up, by a general meeting of the company summoned specially for that purpose; or
in the case of a creditors’ voluntary winding up, by a general meeting of the company’s creditors summoned specially for that purpose in accordance with the rules.
Where the liquidator was appointed by the Court under section 89, a meeting such as is mentioned in subsection (2) shall be summoned for the purpose of replacing him only if he thinks fit or the Court so directs or the meeting is requested, in accordance with the rules —
in the case of a members’ voluntary winding up, by members representing not less than one-half of the total voting rights of all the members having at the date of the request a right to vote at the meeting; or
in the case of a creditors’ voluntary winding up, by not less than one-half, in value, of the company’s creditors.
A liquidator shall vacate office if he ceases to be a person who is qualified to act as an insolvency practitioner in relation to the company.
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
A liquidator may, in the prescribed circumstances, resign his office by giving notice of his resignation to the Registrar.
Where —
in the case of a members’ voluntary winding up, a final meeting of the company has been held under section 75; or
Insolvency
in the case of a creditors’ voluntary winding up, final meetings of the company and of the creditors have been held under section 87, the liquidator whose report was considered at the meeting or meetings shall vacate office as soon as he has complied with section 75(3) or 87(3) and has given notice to the Registrar that the meeting or meetings have been held and of the decisions (if any) of the meeting or meetings.
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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