Insolvency Act · 2022 Revised Edition · Chapter III
74. Power to fill vacancy in office of liquidator
Official textFrom Attorney General's Chambers, unchanged
If a vacancy occurs by death, resignation or otherwise in the office of a liquidator appointed by the company, the company in general meeting may, subject to any arrangement with its creditors, fill the vacancy.
company
“company” means a company incorporated or registered under the Companies Act;
For that purpose, a general meeting may be convened by any contributory or, if there were more than one liquidator, by the continuing liquidators.
The meeting shall be held in the manner provided by this Act or by the articles of the company, or in such manner as may, on application by any contributory or by the continuing liquidators, be determined by the
Court.
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
Subject to sections 77 and 83, in the event of the winding up of a company continuing for more than one year, the liquidator shall —
for each prescribed period, produce a progress report relating to the prescribed matters; and
within such period commencing with the end of the period referred to in paragraph (a) as may be prescribed, send a copy of the progress report to —
the members of the company; and
such other persons as may be prescribed.
A liquidator who fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $10,000, and, in the
Insolvency 76
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
case of a continuing offence, with a further fine not exceeding $500 for every day or part thereof during which the offence continues after conviction.
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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