Section 456 of Insolvency Act CAP 53: Payment of expenses of liquidation
(1) If the assets of a company are insufficient to satisfy its liabilities, the Court may—
(a) make an order for the expenses incurred in the liquidation to be paid out of the company's assets; and
(b) direct that that payment be given such of priority as the Court considers appropriate.
(2) An order made under subsection (1) has effect irrespective of the provisions of this Act relating to preferential debts.
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- Section 463 - Liquidator's functions: creditors' voluntary liquidation
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(1) This section applies with respect to the removal from office and vacation of office of—
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(2) A...
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(1) The liquidator of a company that is in liquidation shall distribute the assets of the company available for the payment of creditors in accordance with the Second Schedule.
(2) Subsection (1) is...
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(1) This section applies to a company that is being liquidated by the Court.
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- Section 476 - Power of liquidator to disclaim onerous property
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- Section 477 - Special provisions relating to disclaimer of leaseholds
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- Section 478 - Effect of disclaimer in relation to land subject to rentcharge
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(2) An application to the Court for an order under subsection (3) may be made...
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(1) The Court may not make an order under section 479 vesting a leasehold interest in a person claiming under the company as underlessee or mortgagee except on terms making the person—
(a) subject to...
- Section 481 - Creditor not entitled to retain benefit of execution or attachment against liquidator unless creditor completes execution or attachment before commencement of liquidation
(1) If—
(a) a creditor—
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(ii) has attached any debt due to it; and
(b) the company is subsequently liquidated, the creditor is...
- Section 482 - Duties of judicial enforcement officers charged with execution of writs and other processes involving companies in liquidation
(1) This section applies if—
(a) a company's goods are taken in execution; and
(b) before their sale or the completion of the execution (whether by the receipt or recovery of the full amount of the...
- Section 483 - Power of the Court to rescind contracts entered into by company in liquidation
(1) A person who is, as against the liquidator, entitled to the benefit or subject to the burden of a contract made with the company, may make an application for an order under subsection (2).
(2) On...
- Section 484 - Power of liquidator to transfer assets of company to its employees
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- Section 485 - Company in liquidation required to state that it is in liquidation in all invoices, letters and other communications
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(a) every invoice, order for goods or services, business letter or order form...
- Section 486 - Interest on debts to be paid if surplus permits
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- Section 487 - Certain documents relating to company in liquidation to be exempt from stamp duty
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(a) every transfer relating solely to freehold or leasehold property, or to any interest in, any real or...
- Section 488 - Records of company in liquidation to be evidence
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- Section 490 - Effect of resolutions passed at adjourned meetings of company's creditors and contributories
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(1) The Court may—
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- Section 492 - Judicial notice to be taken of documents of the Court
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(2) As soon...
- Section 495 - Early dissolution of company
(1) This section applies when an order for the liquidation of a company has been made by the Court and the Official Receiver is the liquidator of the company.
(2) On being satisfied—
(a) that the...
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- Section 497 - Dissolution otherwise than under sections 494 - 496
(1) This section applies to a notice that is—
(a) served for the purposes of section 468(9); or
(b) from the Official Receiver that the liquidation of a company by the Court is complete.
(2) As...
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(1) This section applies in relation to a company—
(a) in respect of which the Court has made a liquidation order; or
(b) that has passed a resolution for the voluntary liquidation of the...
- Section 499 - Offence involving misconduct committed in course of liquidation of company
(1) This section applies in relation to a company—
(a) in respect of which the Court has made a liquidation order; or
(b) that has passed a resolution for the voluntary liquidation of the...
- Section 500 - Offences involving transactions to defraud creditors of company in liquidation
(1) This section applies in relation to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if the officer or...
- Section 501 - Offence to falsify documents in relation to company in liquidation
(1) This section applies in relation to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or contributory of the company commits an offence if, during the...
- Section 502 - Offence to make material omission from statement relating to financial position of company in liquidation
(1) This section applies to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if, during the liquidation, the...
- Section 503 - Offence to make false representations to creditors of company in liquidation
(1) This section applies to a company that is in liquidation, whether voluntary or by the Court.
(2) An officer or former officer of the company commits an offence if—
(a) the officer or former...
- Section 504 - Power of the Court to make orders against delinquent directors, liquidators, etc.
(1) This section applies to the following persons—
(a) an officer or former officer of a company that is in liquidation (whether by the Court or voluntarily);
(b) a person who is or has acted as the...
- Section 505 - Power of the Court to make orders against officers of company and others found to have participated in fraudulent trading by company in liquidation
(1) A liquidator of a company may make an application to the Court to make an order under subsection
(2) if—
(a) in the course of the liquidation of the company, the liquidator forms the view that a...
- Section 506 - Power of the Court to make orders against officers of company engaging in wrongful trading
(1) This section applies—
(a) to a company that is in insolvent liquidation; and
(b) to a person who, at a time before the commencement of the liquidation, was an officer of the company.
(2) For...