Companies (Consolidation) Act, 1908

Consequences of voluntary winding up.

186. The following consequences shall ensue on the voluntary winding up of a company :—

(i) The property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company :

(ii) The company in general meeting shall appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to him or them :

(iii) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting, or the liquidator, sanctions the continuance thereof :

(iv) The liquidator may, without the sanction of the court, exercise all powers by this Act given to the liquidator in a winding up by the court :

(v) The liquidator may exercise the powers of the court under this Act of settling a list of contributories, and of making calls, and shall pay the debts of the company, and adjust the rights of the contributories among themselves :

(vi) The list of contributories shall be primâ facie evidence of the liability of the persons named therein to be contributories :

(vii) When several liquidators are appointed, every power hereby given may be exercised by such one or more of them as may be determined at the time of their appointment, or in default of such determination by any number not less than two :

(viii) If from any cause whatever there is no liquidator acting, the court may, on the application of a contributory, appoint a liquidator :

(ix) The court may, on cause shown, remove a liquidator, and appoint another liquidator.