Section 47 Removal of liquidator: voluntary winding upI1

Article 145 (removal etc of liquidator in voluntary winding up) is amended as follows.

In paragraph (2)(b), for “general meeting of the company’s creditors summoned” substitute “decision of the company’s creditors made by a qualifying decision procedure instigated”.

For paragraph (3) substitute—

“(3)

Where the liquidator in a members’ voluntary winding up was appointed by the High Court under Article 94, a meeting such as is mentioned in paragraph (2)(a) shall be summoned only if—

(a)

the liquidator thinks fit,

(b)

the High Court so directs, or

(c)

the meeting is requested in accordance with the rules 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.

(3A)

Where the liquidator in a creditors’ voluntary winding up was appointed by the High Court under Article 94, a qualifying decision procedure such as is mentioned in paragraph (2)(b) is to be instigated only if—

(a)

the liquidator thinks fit,

(b)

the High Court so directs, or

(c)

it is requested in accordance with the rules by not less than one-half in value of the company’s creditors.”.

For paragraph (6) substitute—

“(6)

In the case of a members’ voluntary winding up where the liquidator has produced an account of the winding up under Article 80 (final account), the liquidator vacates office as soon as the liquidator has complied with Article 80(3) (requirement to send final account to registrar).

(7)

In the case of a creditors’ voluntary winding up where the liquidator has produced an account of the winding up under Article 92 (final account), the liquidator vacates office as soon as the liquidator has complied with Article 92(3) (requirement to send final account etc to registrar).”.