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Creditors' voluntary winding up.
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131.—(1) This section applies where, in the case of a creditors' voluntary winding up, a liquidator has been nominated by the company.
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(2) The powers conferred on the liquidator by section 276 of the Principal Act shall not be exercised, except with sanction of the court, during the period before the holding of the creditors' meeting under section 266 of that Act.
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(3) Subsection (2) does not apply in relation to the power of the liquidator—
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(a) to take into his custody or under his control all the property to which the company is or appears to be entitled;
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(b) to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of;
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(c) to do all such other things as may be necessary for the protection of the company's assets.
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(4) The liquidator shall attend the creditors' meeting held under section 266 of the Principal Act and shall report to the meeting on any exercise by him of his powers (whether or not under this section or under section 276 or 280 of that Act).
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(5) If default is made—
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(a) by the company in complying with subsection (1) or (2) of section 266 of the Principal Act, or
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(b) by the directors in complying with subsection (3) of the said section,
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the liquidator shall, within 7 days of the relevant day, apply to the court for directions as to the manner in which that default is to be remedied.
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(6) “The relevant day” means the day on which the liquidator was nominated by the company or the day on which he first became aware of the default, whichever is the later.
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(7) If a liquidator without reasonable excuse fails to comply with this section, he shall be guilty of an offence.
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Provisions applicable to every Voluntary Winding Up
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