Liquidator security requirement: court-appointed liquidators must furnish security before acting, costs borne personally; court may adjust security.

Court-appointed liquidators in voluntary winding-up must, unless otherwise ordered, furnish security before entering upon duties in such sum and manner as the Court directs; the Official Liquidator is excluded and costs of security, including Guarantee Society premiums, are borne personally and not charged as winding-up expenses. The Court may require additional security if inadequate and may reduce excessive security on application.

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