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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 227

Powers of liquidator.

227.(1) The liquidator in a winding up by the court shall have power, with the
sanction either of the court or of the committee of inspection

(a)to bring or defend any action or other legal proceeding in the name and on
behalf of the company;

(b)to carry on the business of the company so far as may be necessary for the
beneficial winding up thereof;

(c)to pay any classes of creditors in full;

(d)to make any compromise or arrangement with creditors or persons claiming to
be creditors, or having or alleging themselves to have any claim, present or
future, certain or contingent, ascertained or sounding only in damages against
the company, or whereby the company may be rendered liable;

(e)to compromise all calls and liabilities to calls, debts and liabilities
capable of resulting in debts, and all claims, present or future, certain or
contingent, ascertained or sounding only in damages, subsisting or supposed to
subsist between the company and a contributory or alleged contributory or
other debtor or person apprehending liability to the company, and all
questions in any way relating to or affecting the assets or the winding up of
the company, on such terms as may be agreed, and take any security for the
discharge of any such call, debt, liability or claim and give a complete
discharge in respect thereof.

(2) The liquidator in a winding up by the court shall have power

(a)to sell the real and personal property and things in action of the company
by public auction or private contract, with power to transfer the whole
thereof to any person or company or to sell the same in lots and for the
purpose of selling the company's land or any part thereof to effectuate such
sales by way of fee farm grant, sub fee farm grant, lease, sub-lease, or
otherwise, and to sell any rent reserved on any such grant or any reversion
expectant upon the determiniation of any such lease;

(b)to do all acts and to execute, in the name and on behalf of the company,
all deeds, receipts and other documents, and for that purpose to use, when
necessary, the company's seal;

(c)where any contributory has been adjudged bankrupt or has presented a
petition for arrangement with his creditors in pursuance of the Bankruptcy
Acts (Northern Ireland), 1857 to 1933, to prove, rank and claim in the
bankruptcy or arrangement for any balance against his estate, and to receive
dividends in the bankruptcy or arrangement in respect of that balance, as a
separate debt due from the bankrupt or arranging debtor, and rateably with the
other separate creditors;

(d)to draw, accept, make and indorse any bill of exchange or promissory note
in the name and on behalf of the company, with the same effect with respect to
the liability of the company as if the bill or note had been drawn, accepted,
made or indorsed by or on behalf of the company in the course of its business;

(e)to raise on the security of the assets of the company any money requisite;

(f)to take out in his official name letters of administration to any deceased
contributory, and to do in his official name any other act necessary for
obtaining payment of any money due from a contributory or his estate which
cannot be conveniently done in the name of the company, and in all such cases
the money due shall, for the purpose of enabling the liquidator to take out
the letters of administration or recover the money, be deemed to be due to
the liquidator himself;

(g)to appoint a solicitor to assist him in the performance of his duties;

(h)to appoint an agent to do any business which the liquidator is unable to do
himself;

(i)to do all such other things as may be necessary for investigating and
winding up the affairs of the company and distributing its assets.

(3) The exercise by the liquidator in a winding up by the court of the powers
conferred by this section shall be subject to the control of the court, and
any creditor or contributory may apply to the court with respect to any
exercise or proposed exercise of any of those powers.

[(4) The court may provide by any order that the liquidator may, where there
is no committee of inspection, exercise any of the powers mentioned in
paragraph (a) or paragraph (b) of sub-section (1) without the sanction or
intervention of the court.]

Meetings of creditors and contributories to determine whether committee of
inspection shall be appointed.

© 1960 Crown Copyright

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