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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 September 2008 - onwards
Version 2 of 2

43. Winding up of company holding realisable property.

(1) Where realisable property is held by a company and an order for its winding up has been made or a resolution has been passed by it for a voluntary winding up, the functions of the liquidator (or any provisional liquidator) are not exercisable in relation to -

(a) property for the time being subject to a freezing co-operation order made before the relevant time, and

(b) any proceeds of property realised by virtue of section 36 for the time being in the hands of a receiver.

(2) Where such an order has been made or such a resolution passed, the powers conferred on the High Court under section 36 or on a receiver appointed under that section shall not be exercised in relation to any realisable 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