Old law Prior to 26 May 2015: • in a creditors’ voluntary liquidation, the liquidator could only exercise the powers in Part I of Schedule 4 of the IA 1986 with the sanction of the court or the liquidation committee (or, if there is no such committee, a meeting of the company's creditors)—IA 1986, s 165(2)(b). This included the power to bring legal proceedings under IA 1986, ss 213, 214, 238, 239, 242, 243 or 423; IA 1986, Sch 4, para 3 • in a compulsory liquidation, the liquidator could only exercise the powers in Parts I and II of Schedule 4 of the IA 1986 with