Restriction on liquidator purchases: court sanction required where personal connection could yield benefit, with disclosure and personal cost liability. Liquidators carrying on the company's business may not buy goods from persons whose connection could give the liquidator a direct or indirect benefit without the express sanction of the Court; the application must disclose the nature of the liquidator's interest, and the cost of obtaining sanction is borne personally by the liquidator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restriction on liquidator purchases: court sanction required where personal connection could yield benefit, with disclosure and personal cost liability.
Liquidators carrying on the company's business may not buy goods from persons whose connection could give the liquidator a direct or indirect benefit without the express sanction of the Court; the application must disclose the nature of the liquidator's interest, and the cost of obtaining sanction is borne personally by the liquidator.
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