Section 5 Exercise of powers by liquidator: removal of need for sanctionI1

In Article 140 (voluntary winding up: powers of liquidator), for paragraphs (2) and (3) substitute—

“(2)

The liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 2.”.

In Article 142 (winding up by the High Court: powers of liquidator), for paragraph (1) substitute—

“(1)

Where a company is being wound up by the High Court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 2.”.

Schedule 2 (powers of liquidator in a winding up) is amended as follows.

After paragraph 2 insert—

“3.

Power to compromise, on such terms as may be agreed—

(a)

all calls and liabilities to calls, all debts and liabilities capable of resulting in debts, and all claims (present or future, certain or contingent, ascertained or sounding only in damages) subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and

(b)

all questions in any way relating to or affecting the assets or the winding up of the company,

and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect of it.”.

Omit—

In consequence of the amendments made by subsections (4) and (5)(a), omit section 7 of the Insolvency (Amendment) Act (Northern Ireland) 2016.