Companies Act (Cap. 386), article 238

238. (1) The liquidator in a winding up by the court shall have the power, with the san ction either of the court or of the liqu idation committee appointed under the provisions of Chapter IV of this Sub-title - (a) to bring or to defend any action or other legal COMP ANIES [CAP. 386. 161 proceeding in the n ame and on behalf of the company; (b) to carry on the business of the company so far as may be necessary for the benef icial winding up thereof; (c) to pay creditors according to their ranking at law; (d) to make any compromise or arrangement with creditors or persons claimin g to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, ascertained or which may be due in damages against the company or whereby the company may be rendered liable, and to refer any such matter to arbitration; (e) to make calls on contributories or alleged contributories and to effect any compromise or arrangement in relation to debts, liabilities and claims of the company present or future, certain or contingent, ascertained or which may be due in damages, subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or alleged debtor, and all questions in any way relating to or affecting the assets or the winding up of the company, on such terms as may be agreed, and take any security for the discharge o f a n y s u c h c a l l , d e b t , l i a b i l i t y o r c l a i m a n d g i v e a complete discharge in respect thereof; (f) to represent the company in all matters and to do all such things as may be necessary for winding up the affairs of the company and distributing its assets: Provided that the Court may provide by an order that the liquidator may, where there is no liquidation committee, exerci se any of the powers mentioned in paragraphs ( a) or ( b) without the sanction of the Court. (2) The liquidator in a winding up by the court shall, in particular, have the power - (a) to sell the movable and immovable property, including any right, of the company by public auction or private agreement with power to tran sfer the whole or any part thereof; (b) to do all acts and to execute, in the name and on behalf of the company, all deeds, receipts and other documents; (c) to raise on the security of the assets of the company any money requisite; (d) to appoint a mandatory to act for him in his capacity as liquidator for particular purposes. (3) The exercise by the liquidator in a winding up by the court of the powers conferred by this article shall be subject to the control of the court, and any creditor or contributory may appl y to the court with respect to any ex ercise or proposed exercise of any of those powers. 162 CAP. 386.] COMP ANIES Exercise and control of liquidator’s powers.