142 Liquidation committee (Scotland)
142 Liquidation committee (Scotland)

[(1)     This section applies where a winding up order has been made by the court in Scotland.

(2)     If both the company's creditors and the company's contributories decide that a liquidation committee should be established, a liquidation committee is to be established in accordance with the rules.

(3)     If only the company's creditors, or only the company's contributories, decide that a liquidation committee should be established, a liquidation committee is to be established in accordance with the rules unless the court orders otherwise.

[(3A)     A “liquidation committee” is a committee having such functions as are conferred on it by or under this Act.]

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