| Commentary

223 Powers of liquidators

| Commentary

223 Powers of liquidators

The provisions enabling the liquidator of a company in voluntary liquidation, upon the sale of the business or property of the company to another company, to accept shares, policies or other like interests or to participate in the profits of or receive other benefits from the purchasing company1, apply equally to a creditors’ as to a members’ voluntary winding up. Previously in the case of a creditors' voluntary liquidation the powers of the liquidator could not be exercised without the sanction either of the court or the liquidation committee, but this is no longer

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