Company liquidator appointment must follow government panel selection and creditor approval, with ongoing conflict of interest disclosure obligations. In a voluntary winding up the company must appoint a Company Liquidator from the Central Government panel and recommend the liquidator's fee; where creditors have resolved to wind up, the appointment requires approval by a majority in value of creditors or else creditors appoint another liquidator. Creditors must resolve on the fee when approving or appointing a liquidator. The appointed liquidator must file a prescribed declaration within seven days disclosing any conflict of interest or lack of independence, and that disclosure duty continues throughout the appointment.
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.
Company liquidator appointment must follow government panel selection and creditor approval, with ongoing conflict of interest disclosure obligations.
In a voluntary winding up the company must appoint a Company Liquidator from the Central Government panel and recommend the liquidator's fee; where creditors have resolved to wind up, the appointment requires approval by a majority in value of creditors or else creditors appoint another liquidator. Creditors must resolve on the fee when approving or appointing a liquidator. The appointed liquidator must file a prescribed declaration within seven days disclosing any conflict of interest or lack of independence, and that disclosure duty continues throughout the appointment.
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