Proceeds of Crime Act, 1996
Winding up of company in possession or control of property the subject of interim order, interlocutory order or disposal order. |
13.—(1) Where property the subject of an interim order, an interlocutory order or a disposal order made before the relevant time is in the possession or control of a company and an order for the winding up of the company has been made or a resolution has been passed by the company for a voluntary winding up, the functions of the liquidator (or any provisional liquidator) shall not be exercisable in relation to the property. | |
(2) Where, in the case of a company, an order for its winding up has been made or such a resolution has been passed, the powers conferred by section 2 or 3 on the Court shall not be exercised in relation to any property held by the company in relation to which the functions of the liquidator are exercisable— | ||
(a) so as to inhibit him or her from exercising those functions for the purpose of distributing any property held by the company to the company's creditors, or | ||
(b) so as to prevent the payment out of any property of expenses (including the remuneration of the liquidator or any provisional liquidator) properly incurred in the winding up in respect of the property. | ||
(3) In this section— | ||
“company” means any company which may be wound up under the Companies Acts, 1963 to 1990; | ||
“relevant time” means— | ||
(a) where no order for the winding up of the company has been made, the time of the passing of the resolution for voluntary winding up, | ||
(b) where such an order has been made and, before the presentation of the petition for the winding up of the company by the court, such a resolution had been passed by the company, the time of the passing of the resolution, and | ||
(c) in any other case where such an order has been made, the time of the making of the order. |