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Removal and replacement of liquidators: Tribunal may remove or replace liquidators for misconduct or lack of independence. The Tribunal may remove a provisional liquidator or Company Liquidator for recorded reasons including misconduct, fraud or misfeasance, professional incompetence, inability to act, or conflict of interest. On death, resignation or removal the Tribunal may transfer the work to another Company Liquidator with reasons recorded. If a liquidator is found responsible for company loss or damage through fraud, misfeasance or failure to exercise due care and diligence, the Tribunal may recover such loss and pass other orders. The liquidator must be given a reasonable opportunity to be heard before any order.
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.
<h1>Removal and replacement of liquidators: Tribunal may remove or replace liquidators for misconduct or lack of independence.</h1> The Tribunal may remove a provisional liquidator or Company Liquidator for recorded reasons including misconduct, fraud or misfeasance, professional incompetence, inability to act, or conflict of interest. On death, resignation or removal the Tribunal may transfer the work to another Company Liquidator with reasons recorded. If a liquidator is found responsible for company loss or damage through fraud, misfeasance or failure to exercise due care and diligence, the Tribunal may recover such loss and pass other orders. The liquidator must be given a reasonable opportunity to be heard before any order.
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