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Section 470 of Insolvency Act CAP 53: Release of liquidator in the case of company liquidated by the Court

    

(1) This section applies with respect to the release of the liquidator of a company that is in liquidation by the Court, or of a provisional liquidator.
(2) On ceasing to be liquidator and being succeeded by another person as liquidator, the Official
Receiver is released from the responsibilities a liquidator with effect from—
(a) if the successor was nominated by a general meeting of creditors or contributories, or was appointed by the Cabinet Secretary, the time at which the Official Receiver gives notice to the Court that the Official Receiver has been succeeded by another person; or
(b) if the successor is appointed by the Court, such time as the Court may determine.
(3) If the Official Receiver while a liquidator gives notice to the Cabinet Secretary that the liquidation is for all practical purposes complete, the Official Receiver is released with effect from such time as the Cabinet Secretary may determine.
(4) A person other than the Official Receiver who has ceased to be a liquidator is released with effect from whichever of the following times is relevant to the person—
(a) if the person has been removed from office by a general meeting of creditors that has not resolved against the person's release, or the person has died, the time at which notice is given to the Court that the person has been removed from office or has died; (b) if the person has been removed from office—
(i) by a general meeting of creditors that has resolved against the person's release; or
(ii) by the Court or the Cabinet Secretary, such time as the Cabinet Secretary may, on an application made by the person, determine;
(c) if the person has vacated office under section 468(7), such time as the Cabinet Secretary may, on an application made by the person, determine;
(d) if the person has resigned as liquidator, such time as may be prescribed by the insolvency regulations for the purposes of this paragraph;
(e) if the person has vacated office under section 468(9) and the final meeting referred to in that subsection has resolved against the person's release, such time as the Cabinet Secretary may, on an application by the person, determine;
(f) if the person has vacated office under section 468(9) and the final meeting referred to in that subsection has not resolved against the person's release, the time at which the person vacated office.
(5) On the hearing of application to the Court of a person who has ceased to hold office as a provisional liquidator, the person is released with effect from such time as the Court may determine.
(6) On being released under this section, the Official Receiver or a liquidator or provisional liquidator is, with effect from the time specified in subsection (2), (3), (4) or (5), discharged from all liability both in respect of acts or omissions in the liquidation and otherwise in relation to conduct as liquidator or provisional liquidator.
(7) However, nothing in this section prevents the exercise, in relation to a person who has been released under this section, of the Court's powers under section 504 (power of Court to make orders against delinquent directors, liquidators, etc.).

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