Commentary

211 Powers of liquidator before creditors’ meeting

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

211 Powers of liquidator before creditors’ meeting

| Commentary

211 Powers of liquidator before creditors’ meeting

Until the meeting of creditors is held, the powers of the liquidator nominated by the members are strictly limited1. This is the effect of the Insolvency Act 1986 Section 166, which was designed to eradicate the procedure known as ‘centrebinding’2 whereby the members would hold a meeting and pass a resolution for voluntary winding up and the appointment of a liquidator who would not be concerned to safeguard the interests of the creditors. The creditors’ meeting would be deferred to a future date, the only sanction for which

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