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Section 467 of Insolvency Act CAP 53: Circumstances in which liquidator may be removed from office in the case of a voluntary liquidation

    

(1) This section applies to the removal from office and vacation of office of the liquidator of a company that is in voluntary liquidation.
(2) Subject to subsection (2), a liquidator may be removed from office only by an order of the Court or—
(a) in the case of a members' voluntary liquidation, by a general meeting of the company convened specially for that purpose; or
(b) in the case of a creditors' voluntary liquidation, by a general meeting of the company's creditors convened specially for that purpose.
(3) If the liquidator was appointed by the Court under section 416, a meeting such as is referred to in subsection (2) may be convened for the purpose of replacing the liquidator only if the liquidator considers it appropriate to do so or the Court so directs or the meeting is requested—
(a) in the case of a members' voluntary liquidation, by members representing not less than one —half of the total voting rights of all the members having at the date of the request a right to vote at the meeting; or
(b) in the case of a creditors' voluntary liquidation, by creditors holding not less than one, half in value of the total amount of the company's debts.
(4) A liquidator (not being the Official Receiver) automatically vacates office if the liquidator ceases to hold an authorisation to act as an insolvency practitioner.
(5) A liquidator may, in the circumstances prescribed by the insolvency regulations, resign office by lodging with the Registrar a notice of resignation.
(6) If—
(a) in the case of a members' voluntary liquidation, a final meeting of the company has been held in accordance with section 402; or
(b) in the case of a creditors' voluntary liquidation, final meetings of the company and of the creditors have been held in accordance with section 463,
the liquidator whose report was considered at the meeting or meetings vacates office as soon as the liquidator has lodged with the Registrar a notice that the meeting has, or the meetings have, been held and of the decisions (if any) made at the meeting or meetings.

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Disclaimer: This document is not to be taken as legal advise.

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