Companies Act, 1963

General provisions as to liquidators.

228.—The following provisions relating to liquidators shall have effect on a winding-up order being made—

(a) the court may determine whether any and what security is to be given by a liquidator on his appointment;

(b) a liquidator shall be described by the style of “the official liquidator” of the particular company in respect of which he is appointed and not by his individual name;

(c) a liquidator appointed by the court may resign or, on cause shown, be removed by the court;

(d) a person appointed liquidator shall receive such salary or remuneration by way of percentage or otherwise as the court may direct, and if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs;

(e) a vacancy in the office of a liquidator appointed by the court shall be filled by the court;

(f) if more than one liquidator is appointed by the court, the court shall declare whether any act by this Act required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed;

(g) subject to section 300, the acts of a liquidator shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.