Prohibition on purchases by liquidators and committee members without court leave, with transactions liable to be set aside. A liquidator and any member of the Committee of Inspection are prohibited from purchasing company assets during a winding-up, directly or indirectly or through associates, except with leave of the Court; purchases made contrary to this prohibition may be set aside on application by the liquidator, a creditor or a contributory, and the Court may order costs.
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Provisions expressly mentioned in the judgment/order text.
Prohibition on purchases by liquidators and committee members without court leave, with transactions liable to be set aside.
A liquidator and any member of the Committee of Inspection are prohibited from purchasing company assets during a winding-up, directly or indirectly or through associates, except with leave of the Court; purchases made contrary to this prohibition may be set aside on application by the liquidator, a creditor or a contributory, and the Court may order costs.
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