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of <h1>Rule 143: Liquidators and Committee Members Barred from Buying Company Assets During Winding-Up Without Court Approval.</h1> Rule 143 of the Company Court Rules, 1959, under the Companies Law, prohibits a Liquidator or any member of the Committee of Inspection from purchasing any part of a company's assets during the winding-up process, whether directly or indirectly, without court approval. If such a purchase occurs in violation of this rule, the court may nullify the transaction upon application by the Liquidator, a creditor, or a contributory. The court also holds the discretion to decide on the allocation of costs related to setting aside the purchase.
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