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Section 465 of Insolvency Act CAP 53: Liquidator's functions: supplementary powers

    

(1) If a company is being liquidated by the Court, the liquidator may convene general meetings of the creditors or contributories for the purpose of ascertaining their wishes.
(2) The liquidator shall convene meetings at such times on such dates as the creditors or contributories by resolution (either at the meeting appointing the liquidator or otherwise) may direct, or whenever requested in writing to do so by a requisition signed by or on behalf of—
(a) creditors holding not less than one tenth of the total amount of the company's debts;
(b) contributories of the company holding not less than one-tenth of the voting rights at general meetings of the company.
(3) The liquidator may at any time apply to the Court for directions in relation to any particular matter arising in the liquidation.
(4) In accordance with this Part, the liquidator is required to use the liquidator's own discretion in the management of the assets and their distribution among the creditors.
(5) A person who is dissatisfied with an act or decision of the liquidator may apply to the Court for an order under subsection (6).
(6) On the hearing of an application made under subsection (5), the Court may—
(a) make an order confirming, reversing or modifying the act or decision complained of; and (b) make such other order in the case as it considers appropriate.
(7) If, at any time after a liquidation application has been made to the Court against a person, the attention of the Court is drawn to the fact that the person is a member of an insolvent partnership or a partner of a limited liability partnership, the Court may make an order as to the future conduct of the insolvency proceedings.
(8) The reference in subsection (7) to a person includes an insolvent partnership or other body that may be liquidated under Part VII as an unregistered company.
(9) An order made under subsection (7)—
(a) may be made or given on the application of the Official Receiver, any authorised insolvency practitioner, the bankruptcy trustee of the partnership or any other interested person; and
(b) may include provisions as to the administration of the joint estate of the partnership, and in particular how it and the separate estate of any member are to be administered.

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