5.4 Functions, duties and powers of liq

Question 1

Who can apply to court if aggrieved by liquidator’s actions?

Answer 1

 S112 Voluntary liquidation: any creditor or contributory
 S168 Compulsory liquidation: any aggrieved party

Question 2

When can’t a liq in a cvl exercise their powers without leave of the court?

Answer 2

Before co creditors have have nominated an IP to be liq (ie after members DMP but before creditors)

Except to protect assets

Question 3

CVL - what happens re directors’ powers where no liq nominated?

Answer 3

The powers of the directors shall not be exercised, except with the sanction of the court (other than to prepare SofA and convene decision procedure) during the period before the appointment or nomination of a liquidator of the company.

Except to protect assets