Section 415 of Insolvency Act CAP 53: Property of company to be distributed among members after satisfaction of liabilities
(1) On the liquidation, the company's property in the voluntary liquidation—
(a) are to be applied in satisfaction of the company's liabilities equally and without preference; and
(b) subject to that application, are, unless the company's articles otherwise provide, to be distributed among the members according to their rights and interests in the company.
(2) Subsection (1) is subject to the provisions of this Act relating to preferential payments.
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- Section 442 - Creditors' meeting may appoint liquidation committee
(1) If, after a liquidation order has been made, separate meetings of creditors and contributories have been convened for the purpose of choosing a person to be liquidator, those meetings may...
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(a) to ensure that the assets of the company are realised and distributed to the company's creditors;...
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The Court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it.
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(1) At any time after making a liquidation order, the Court may make such order for inspection of the company's records by creditors and contributories as the Court considers appropriate.
(2) The...
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(1) If the assets of a company are insufficient to satisfy its liabilities, the Court may—
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(1) The insolvency regulations may enable or require all or any of the functions imposed or powers conferred on the Court with respect to the matters specified in subsection (2) to be performed or...
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- Section 461 - Offence to make corrupt inducement affecting appointment of liquidator
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- Section 463 - Liquidator's functions: creditors' voluntary liquidation
(1) If, in the case of a creditors' voluntary liquidation, a liquidator has been nominated by the company, the powers conferred on the liquidator by section 462 may not be exercised, except with...
- Section 464 - Liquidator's functions: liquidation by the Court
(1) If a company is being liquidated by the Court, the liquidator may—
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(2) The liquidator...