Powers of liquidator enable vesting, asset realisation, litigation, claim settlement and compromises during winding up. On a winding up order the society's assets vest in the liquidator, who may realise them and, subject to rules and the Central Registrar's control, institute and defend proceedings, determine member contributions, investigate and decide claims and their priorities, pay claims with interest up to the winding up date as assets permit, allocate liquidation costs, determine membership status, direct collection and distribution of assets, carry on business for a beneficial winding up, and enter into compromises or arrangements; after winding up the liquidator reports to the Central Registrar and deposits the society's records.
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.
Powers of liquidator enable vesting, asset realisation, litigation, claim settlement and compromises during winding up.
On a winding up order the society's assets vest in the liquidator, who may realise them and, subject to rules and the Central Registrar's control, institute and defend proceedings, determine member contributions, investigate and decide claims and their priorities, pay claims with interest up to the winding up date as assets permit, allocate liquidation costs, determine membership status, direct collection and distribution of assets, carry on business for a beneficial winding up, and enter into compromises or arrangements; after winding up the liquidator reports to the Central Registrar and deposits the society's records.
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