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Section 462 of Insolvency Act CAP 53: Liquidator's functions: voluntary liquidation

    

(1) This section has effect if a company is in voluntary liquidation, but subject to section 463 (liquidator's functions, creditors' voluntary liquidation) in the case of a creditor's voluntary liquidation.
(2) The liquidator may—
(a) in the case of a members' voluntary liquidation, with the approval of a special resolution of the company; and
(b) in the case of a creditors' voluntary liquidation, with the sanction of the Court or the liquidation committee (or, if there is no such committee, a meeting of the company's creditors),
exercise any of the powers specified in Part 1 of the Third Schedule (payment of debts, compromise of claims, etc.).
(3) The liquidator may, without approval, exercise either of the powers specified in Part 2 of the Third Schedule (institution and defence of proceedings; carrying on the business of the company) and any of the general powers specified in Part 3 of that Schedule.
(4) The liquidator may—
(a) exercise the Court's power of settling a list of contributories;
(b) exercise the Court's power of making calls;
(c) convene general meetings of the company for the purpose of obtaining its approval by special resolution or for such other purpose as the liquidator considers appropriate.
(5) The liquidator shall pay the company's debts and adjust the rights of the contributories among themselves.
(6) If, in exercise of the powers conferred by this Act, the liquidator disposes of property of the company to a person who is connected with the company, the liquidator shall, if there is a liquidation committee, give notice to the committee of that exercise of the liquidator's powers.
(7) A liquidator who, without reasonable excuse, fails to comply with subsection (6) commits an offence and on conviction is liable to a fine not exceeding two hundred thousand shillings.
(8) A list of contributories settled by a liquidator in accordance with the power conferred by subsection (4)(a) is evidence of the liability of the persons named in it as contributories, until the contrary is proved.

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