Insolvency Act · 2022 Revised Edition · Chapter VII
145. Release in winding up by Court
Official textFrom Attorney General's Chambers, unchanged
This section applies with respect to the release of the liquidator of a company which is being wound up by the Court, or of a provisional liquidator.
company
“company” means a company incorporated or registered under the Companies Act;
Where the Official Receiver has ceased to be liquidator and a person becomes liquidator in his stead, the Official Receiver has his release with effect from the following time —
in a case where that person was nominated by a general meeting of creditors or contributories, or was appointed by the
Minister, the time at which the Official Receiver gives notice to the
Court that he has been replaced;
in a case where that person is appointed by the Court, such time as the Court may determine.
If the Official Receiver while he is a liquidator gives notice to the
Minister that the winding up is for practical purposes complete, he has his release with effect from such time as the Minister may determine.
A person other than the Official Receiver who has ceased to be a liquidator has his release with effect from the following time —
in the case of a person who has been removed from office by a general meeting of creditors that has not resolved against his release or who has died, the time at which notice is given to the Court in accordance with the rules that that person has ceased to hold office;
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in the case of a person who has been removed from office by a general meeting of creditors that has resolved against his release, or by the Court or the Minister, or who has vacated office under section 143(5) or (7), such time as the Minister may, on an application by that person, determine;
in the case of a person who has resigned, such time as may be prescribed;
in the case of a person who has vacated office under section 143(7) —
if the final meeting referred to in that subsection has resolved against that person’s release, such time as the
Minister may, on an application by that person, determine; and
if that meeting has not so resolved, the time at which that person vacated office.
A person who has ceased to hold office as a provisional liquidator has his release with effect from such time as the Court may, on an application by him, determine.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Where the Official Receiver or a liquidator or provisional liquidator has his release under this section, he is, with effect from the time specified in this section, discharged from all liability both in respect of his acts or omissions in the winding up and otherwise in relation to his conduct as liquidator or provisional liquidator.
Nothing in this section prevents the exercise, in relation to a person who has had his release under this section, of the powers of the Court under section 184(3).
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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