Companies Act (Cap. 386)

Companies Act (Cap. 386), article 239

Official PDF on legislation.mt

239. (1) Subject to the provisions of this Act, the liquidator of a company which is being wound up by the court shall, in the administration of the assets of the company and in the distribu tion thereof among its creditors, have regard to any directives that might be given by resolution of the creditors or contributories at an y general meeting or by the liquidation committee, and any direct ives given by the creditors and contributories in common shall, in c ase of conflict with any directives given by the liquidation commit tee, be deemed to override such latt er directives; otherwise the directives given by the liquidation committee shall prevail. (2) The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining the ir wishes, and it shall be his duty to summon meetings at such tim es as the creditors or contributories, by resolution, either at th e meeting appointing the liquidator or otherwise, may direct, or whenever requested in writing to do so by one-fourth in value of the creditors or contribut ories, as the case may be. (3) The liquidator may apply to the court for directions in relation to any particular matte r arising under the winding up. (4) If any person is aggrieved by any act or decision of the liquidator, that person may apply to the court and the court ma y confirm, reverse or modify the act or decision complained of, a nd make such order on the matter as it thinks just. Books to be kept by liquidator.

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Text read from the consolidated PDF published by Legislation Malta. Tables, figures and marginal notes may be incomplete or out of place: the official PDF is authoritative. General information, not legal, tax or accounting advice.