Insolvency Act · 2022 Revised Edition · Chapter IV
82. Appointment of liquidation committee
Official textFrom Attorney General's Chambers, unchanged
The creditors at the meeting to be held under section 79 or at any subsequent meeting may, if they think fit, appoint a liquidation committee of not more than five persons to exercise the functions conferred on it by or under this Act.
If a liquidation committee is appointed, the company may, either at the meeting at which the resolution for voluntary winding up is passed or at any time subsequently in general meeting, appoint such number of persons as they think fit to act as members of the committee, not exceeding five.
company
“company” means a company incorporated or registered under the Companies Act;
Insolvency 82
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
The creditors may, if they think fit, resolve that all or any of the persons so appointed by the company ought not to be members of the liquidation committee; and if the creditors so resolve —
the persons mentioned in the resolution are not then, unless the Court otherwise directs, qualified to act as members of the committee; and
on any application to the Court under this provision, the
Court may, if it thinks fit, appoint other persons to act as such members in place of the persons mentioned in the resolution.
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;
resolution for voluntary winding up
Defined · s 3“resolution for voluntary winding up” means a resolution passed under section 66(1)(a) or (b);
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