Rule 4.194 General powers of liquidator

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rules 11.01-11.13 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 6(10)-CP(3) substituted by Insolvency 2000 rule 5
rule 4.056-CVL(2) words inserted by Insolvency 2006 Sch. 1 para. 22
rule 4.194(1) words inserted by Insolvency 2006 Sch. 1 para. 47
rule 4.228A-4.228E inserted by Insolvency 2008 rule 5
rules 2.028-2.110 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.114-2.115 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.119-2.130 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.027-4.029 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.031-4.034 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.197-4.204 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.05-7.07 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.09-7.14 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.19-7.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.24-7.30 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.34-7.42 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.50-7.54 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 12.01-12.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 4.194 applied and text amended by Bank Insolvency 2009 rule 142
rule 4.194 applied (with modifications) by Bank Insolvency 2009 rule 142
rule 7. 13B(2) word omitted by Insolvency 2023 rule 37(1)

(1)

Any permission given by the liquidation committee or the court under Article 142(1)(a), or under the Rules, shall not be a general permission but shall relate to a particular proposed exercise of the liquidator's power in question; and a person dealing with the liquidator in good faith and for value is not concerned to enquire whether any such permission has been given.

(2)

Where the liquidator has done anything without that permission, the court or the liquidation committee may, for the purpose of enabling him to meet his expenses out of the assets, ratify what he has done; but neither shall do so unless it is satisfied that the liquidator has acted in a case of urgency and has sought ratification without undue delay.

[E.R.4.184]