Insolvency Act · 2022 Revised Edition · Chapter V
94. No liquidator appointed or nominated by company
Official textFrom Attorney General's Chambers, unchanged
This section applies where, in the case of a voluntary winding up, no liquidator has been appointed or nominated by the company.
company
“company” means a company incorporated or registered under the Companies Act;
The powers of the directors shall not be exercised, except with the sanction of the Court or (in the case of a creditors’ voluntary winding up)
Court
“Court”, in relation to a company, means a court having jurisdiction to wind up the company;
so far as may be necessary to secure compliance with sections 79 and 80, during the period before the appointment or nomination of a liquidator of the company.
Subsection (2) does not apply in relation to the powers of the directors —
to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of;
and
to do all such other things as may be necessary for the protection of the company’s assets.
If the directors of the company, without reasonable excuse, fail to comply with this section, they are liable to a fine not exceeding $1,000.
Terms defined in this Act
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;
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