The Principal Act is hereby amended by the insertion after section 300 of the following section -
(1) None of the following persons shall be qualified for appointment as liquidator of a company -
(a) a person who is, or who has within 12 months of the commencement of the winding up been, an officer or servant of the company;
(b) except with the leave of the court, a parent, spouse, brother, sister or child of an officer of the company;
(c) a person who is a partner or in the employment of an officer or servant of the company;
(d) a person who is not qualified by virtue of this subsection for appointment as liquidator of any other body corporate which is that company's subsidiary or holding company or a subsidiary of that company's holding company, or would be so disqualified if the body corporate were a company.
References in this subsection to an officer or servant of the company include references to an auditor.
(2) An application for leave under subsection (1)(b) shall b