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Section 469 of Insolvency Act CAP 53: Release of liquidator in the case of company liquidated voluntarily

    

(1) This section applies with respect to the release of the liquidator of a company that is in voluntary liquidation.
(2) A person who has ceased to be a liquidator is entitled to be released from the liquidator's obligations with respect to the company with effect from the following time—
(a) in the case of a person who has been removed from office by a general meeting of the company or by a general meeting of the company's creditors that has not resolved against the liquidator's release or who has died—the time at which notice is lodged with the Registrar that the person has ceased to hold office as liquidator; (b) in the case of a person who—
(i) has been removed from office by a general meeting of the company's creditors that has resolved against the liquidator's release, or by the Court; or
(ii) has vacated office under section 467(4), such time as the Cabinet Secretary may, on the application of the person, determine;
(c) in the case of a person who has resigned, such time as may be prescribed by the insolvency regulations for the purposes of this paragraph;
(d) in the case of a person who has vacated office under section 467(6)(a), the time at which that person vacated office;
(e) in the case of a person who has vacated office under section 467 (6)(b)—
(i) if the final meeting of the creditors referred to in that subsection has resolved against that person's release, such time as the Cabinet Secretary may, on an application by that person, determine; and
(ii) if that meeting has not resolved against that person's release, the time at which that person vacated office.
(3) If a liquidator is released in accordance with subsection (2), the liquidator is, with effect from whichever time specified in that subsection is relevant, discharged from all liability both in respect of acts or omissions of the liquidator's in the liquidation and otherwise in relation to conduct as liquidator.
(4) However, nothing in this section prevents the exercise, in relation to a person who has been released that under subsection (2), of the Court's powers under section 504 (power of Court to make orders against delinquent directors, liquidators, etc).

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

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