| Commentary

200 Appointment of liquidator

| Commentary

200 Appointment of liquidator

The first step in any winding up is the appointment of the liquidator. In a members’ winding up, one or more liquidators must be appointed by the company in general meeting, and on such appointment, all powers of the directors cease, except so far as the company in general meeting or the liquidator sanctions their continuance1. The provisions which apply in the case of a members’ winding up differ from those applicable in the case of a creditors’ winding up only because, as the company is being wound up on the footing that it is solvent,

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