The company in general meeting must appoint a liquidator or liquidators for the purpose of winding up the affairs and distributing the property of the company.
Note: For rules about the liquidator
s remuneration, see Division
. For rules about convening meetings, see Division
If a vacancy occurs in the office of a liquidator (whether by death, resignation or otherwise), the company in general meeting may fill the vacancy by the appointment of a liquidator.
A general meeting may be convened for the purposes of subsection (2) by any contributory or, if there were 2 or more liquidators, by the continuing liquidators.
The meeting must be held in the manner provided by this Act or by the company
s constitution or in such manner as is, on application by any contributory or by the continuing liquidators, determined by the Court.
Regulation 10.25.02(3)(h) (which was effective 1 March 2017) provides that the amendments made by No 11 of 2016, s 3, Sch 2 apply in relation to external administrations on and after 1 September 2017.]