Criminal Justice (Mutual Assistance) Act 2008
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Winding up of company holding realisable property. |
43.— (1) Where realisable property is held by a company and an order for its winding up has been made or a resolution has been passed by it for a voluntary winding up, the functions of the liquidator (or any provisional liquidator) are not exercisable in relation to— | |
(a) property for the time being subject to a freezing co-operation order made before the relevant time, and | ||
(b) any proceeds of property realised by virtue of section 36 for the time being in the hands of a receiver. | ||
(2) Where such an order has been made or such a resolution passed, the powers conferred on the High Court under section 36 or on a receiver appointed under that section shall not be exercised in relation to any realisable property held by the company in relation to which the functions of the liquidator are exercisable— | ||
(a) so as to inhibit him or her from exercising those functions for the purpose of distributing any property held by the company to the company’s creditors, or | ||
(b) so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property. | ||
(3) In this section— | ||
“company” means any company which may be wound up under the Companies Acts 1963 to 2006; | ||
“relevant time” means— | ||
(a) where no order for the winding up of the company has been made, the time of the passing of the resolution for its voluntary winding up, | ||
(b) where such an order has been made and, before presentation of the petition for the winding up of the company by the court, such a resolution had been passed by the company, the time of the passing of the resolution, and | ||
(c) in any other case where such an order has been made, the time of the making of the order. |