# Small Business, Enterprise and Employment Act 2015, Paragraph 40


(1) Section 166 (liquidator's powers and duties in creditors' voluntary winding up) is amended as follows.
(2) In subsection (2), for the words from “during” to the end substitute
“before—
(a) the company's creditors under section 100 nominate a person to be liquidator, or
(b) the procedure by which the company's creditors were to have made such a nomination concludes without a nomination having been made.”
(3) Omit subsection (4).
(4) In subsection (5), for the words from the beginning to the end of paragraph (b) substitute
“If the directors fail to comply with—
(a) section 99(1), (2) or (2A), or
(b) section 100(1B),”.

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Source: https://www.legislation.gov.uk/ukpga/2015/26/schedule/9/paragraph/40 (the official version)
Page: https://openlegislation.uk/small-business-enterprise-and-employment-act-2015/schedule-9/paragraph-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.