174 Release (winding up by the court)
174 Release (winding up by the court)

(1)     This section applies with respect to the release of the liquidator of a company which is being wound up by the court, or of a provisional liquidator.

(2)     Where the official receiver has ceased to be liquidator and a person becomes liquidator in his stead, the official receiver has his release with effect from the following time, that is to say—

(a)     in a case where that person was nominated by [the company's] creditors or contributories, or was appointed by the Secretary of State, the time at which the official receiver gives notice to the court that he has been replaced;

(b)     in a case where that person is appointed by the court, such time as the court may determine.

(3)     If the official receiver while he is a liquidator gives notice to the Secretary of State that the winding up is for practical purposes complete, he has his release with effect from such time as the Secretary of State may determine.

(4)     A person other than the official receiver who has ceased to be a liquidator has his release with effect from the following time, that is to say—